Why I’m Not Banking on Social Security—and Neither Should You
Let’s be honest: when it comes to retirement, I’m not counting on Social Security—and you shouldn’t either. I know that may sound dramatic, but I’ve been helping people build their financial independence for years, and one thing is painfully clear: relying solely on government benefits is a risky bet.
We’ve all heard the whispers—or headlines—about the Social Security fund running dry. Even the Social Security Administration admits that, starting in 2035, payouts could be reduced to 83% of the promised amount. That’s not a scare tactic. That’s reality.
Right now, the average Social Security payment is around $1,948 per month. If cuts happen, that could shrink to $1,617. That’s barely enough to cover rent in many cities, let alone healthcare, groceries, and basic living expenses. For many retirees, that number won’t even come close to covering what they need to live comfortably.
This is why I tell everyone: treat Social Security as a backup plan, not your foundation. I started building my retirement savings early, and even small contributions added up over time. I didn’t wait for the “perfect moment” to start saving—I made a plan and acted on it.
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If you have access to a 401(k) with employer matching, use it. It's free money. If you’re eligible, open an IRA and make consistent contributions. Don't overlook health savings accounts (HSAs) either—they can be powerful tools for covering healthcare in retirement while enjoying tax advantages.
Another big move? Reducing expenses. My husband and I paid off our mortgage early and downsized. It wasn’t easy, but it gave us freedom and flexibility. We also relocated from a high-cost area to a more affordable city. These decisions added up to tens of thousands in savings—and reduced the amount we’d need in retirement.
I also advise clients to take a proactive role in understanding where their money is going. Get familiar with your budget. Know your debt. Set specific retirement goals and timelines. That clarity alone can shift your entire outlook.
We can’t control what happens to Social Security in the next decade—but we can control how we prepare for it. Don't wait until you're nearing retirement to face the numbers. Start today, even if it’s just opening an account or putting aside a small amount each month.
Because in the end, the most empowering retirement strategy is one that you own—not one that depends on the government to get it right.
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