With growing concerns about the future of Social Security, many Americans are faced with an important question: What if my Social Security benefits are cut?

The Social Security Trustees Report, produced by actuaries at the Social Security Administration, have projected that the Social Security Trust Fund reserves will be depleted by 2034. This does not mean that benefits will stop in 2034, but rather that benefits could be reduced by 19%.¹

The good news? It’s not set in stone. Lawmakers are exploring ways to keep things running smoothly.

Still, it may make sense to prepare for potential Social Security changes by building an even stronger financial plan—one that includes saving more, investing wisely, and thinking long-term.

Save, Save, Save

Even if you’ve already built a solid financial foundation, a few small tweaks can help you save more and stay prepared, especially if Social Security ends up paying less than expected. Here are three easy ways to boost your savings:

1. Put Extra Dollars to Work

   If you have additional income available, consider using it to strengthen your retirement savings. Contributing to a traditional or Roth IRA, or increasing your 401(k) contributions, can be a smart way to make progress toward long-term goals. The table below outlines current contribution limits.²

   For those 50 and older, don’t forget about catch-up contributions—they’re a great way to save even more. Surprisingly, not many people take advantage of this. A recent study showed that only 16% of those eligible made catch-up contributions.³

   2025 IRS Limits for Retirement Plans and IRAs

   401(k), 403(b), 457
   Elective deferral limit	$23,500
   Catch-up contribution limit (age 50+)	$7,500
   Catch-up contribution limit (age 60, 61, 62, and 63)	$11,250
   Traditional and Roth IRAs
   Annual contribution limit	$7,000
   Catch-up contribution limit (age 50+)	$1,000

   These contributions limits can help you make the most of surplus cash flow — especially if you’re eligible for catch-up contributions.

2. Check Your Plan for “What Ifs”

   Your portfolio may already be in good shape, but what happens if Social Security benefits take a hit? Could your income strategy handle that change? This is a good time to talk with your financial professional about how your investments might respond to different scenarios. Together, you can review whether your mix of assets—stocks, bonds, and cash—is positioned to keep your plan on track, even if monthly benefits shrink.

3. Trim Today, Strengthen Tomorrow

   If benefits shrink, where could you find extra dollars? Start by reviewing your monthly expenses: think insurance, subscriptions, streaming services, or other “nice-to-haves.” Even trimming $250 a month from things you don’t really use can add up to about $3,000 a year. That’s money you could redirect toward your retirement savings or other long-term goals. Small changes now can make a big difference later.

Consider Delaying Benefits

When you claim Social Security can make a big difference in your monthly check. Filing early—at age 62—could cut your benefit by about 30%. Waiting until your full retirement age (around 67) means you’ll get your full amount and holding off until 70 could boost your benefit by roughly 24%.

For example, if your full retirement benefit is $2,000 at age 67:

• Claiming at age 62 would reduce your monthly benefit to about $1,400 or $16,800/year, a 30% decrease.

• Claiming at age 65 would give you approximately $1,734, or $20,808/year, about 13.3% less than your full benefit.

• Waiting until age 70 would increase your benefit to around $2,480 or $29,760/year, a 24% boost thanks to delayed retirement credits.⁴

If you’re able to work longer or use other income sources, delaying benefits can help offset potential reductions and increase your lifetime income. It may also improve spousal or survivor benefits. Talk with your financial professional to see if waiting makes sense for you.

Is a Reduction in Benefits Likely?

It’s possible but not guaranteed. Lawmakers have several tools they could use to shore up Social Security, including:

• Raise payroll taxes for workers and employers

• Increase the full retirement age for future retirees

• Reduce annual cost-of-living adjustments

• Raise or remove the wage cap so high earners keep paying Social Security tax above $176,100⁵

These changes could help keep the program strong without cutting benefits for current or near-retirees. But since no one knows exactly what will happen—or when—it’s smart to plan ahead.

Think of it like building a financial safety net. If benefits are reduced, you’ll be more prepared. And if they’re not? You might still be ahead, and with extra savings, a balanced portfolio, and a retirement plan that you tried to build to handle uncertainty. 

To Summarize

First, look for ways to boost your savings. Even small lifestyle changes can make a difference. Second, check in with your financial professional to see how your portfolio would hold up if Social Security benefits were reduced; they can help ensure your investments stay balanced and aligned with your goals. Third, consider maximizing income by working longer and delaying Social Security, which can increase lifetime benefits and reduce reliance on savings.

Next Step:

Talk with your financial professional about the “what ifs” around Social Security—like what happens if benefits are reduced. Discussing these possibilities now can help you fine-tune your plan, so you’re prepared—without compromising your retirement goals.