Who Can Afford Reduced Social Security Benefits?
You may have planned for your retirement but the government did not. The government assumed that the money in the social security fund would never run out. The government thought that social security would easily fund your retirement. Since they assumed wrong, the only way to save the system is to reduce social security benefits. The question is will you be financially ready for that reduction?
Reduced Social Security Benefits
Retirees or those individuals close to retirement may be spared a benefit reduction but don’t count on it. The only way to protect yourself financially is to prepare for the worst and hope it never happens.
Other Sources Of Retirement Income
If you are relying upon social security to be your only source of retirement income you need to take care of yourself by saving money in other ways. Eat meals at home more, buy coffee out less, hold off buying a new car until you absolutely have to, cut back on giving expensive Christmas gifts after all it’s the thought that counts not the cost.
There are hundreds of other ways to save a lot of money; you just have to practice being frugal. It does not hurt to be frugal even if your social security benefits are in tact.