Proposed cuts to Social Security benefits could severely affect seniors, potentially pushing them to make lifestyle changes and even pushing some into poverty.
For a significant portion of retirees, Social Security serves as their main or only source of income. Specifically, 60 percent call it a major income source, while 28 percent call it a minor income source.
Given the rising cost of living and limited financial flexibility for seniors, even small benefit reductions should be planned against. So what’s the solution? Plan ahead. Diversify your retirement income streams. A 401(k) or IRA can provide the income you need. In addition, stocks and ETFs provide more financial cushioning that can be grown and expanded, perfect when your costs may increase.
Of course, none of these income sources is a substitute for Social Security. Remember, we’ve earned these payments. Let’s call on Congress to do the right thing and protect the funds that are fairly owed to seniors.
If you want to help us protect seniors’ benefits and their standard of living, sign our petition.
