What should seniors do now if Social Security is cut in 2032? 4 options to consider
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TL;DR
- The Social Security OASI Trust Fund is projected to exhaust its reserves in Q4 2032, potentially leading to a benefit reduction to 78% of scheduled amounts.
- Seniors can consider annuities to create a stable income stream, turning savings into guaranteed payments.
- Reverse mortgages can provide funds by borrowing against home equity, with payment options like monthly installments or a line of credit.
- Addressing unmanageable debt through consolidation, management plans, or settlement can reduce monthly expenses.
- Working longer or delaying Social Security claims can increase earnings, retirement contributions, and future benefit amounts.