5 ways to secure your retirement before Social Security is projected to start cutting benefits in 2035

By Tessa Campbell | Originally posted on Business Insider

Social Security provides a vital safety net for millions of Americans who might otherwise fall below the poverty line. Still, it was never meant to be a primary source of income for retirees. Longer life expectancy and increased health care costs have significantly strained the program's finances.

The 2023 Social Security and Medicare Trustees annual report projects that the program's trust fund reserves will be depleted by 2035. That doesn't mean there wouldn't be money to pay out Social Security benefits. But if officials don't find a way to get more money into the system, substantial benefit cuts for retirees across the board could result. 

"If Congress doesn't make any big changes, we will only be able to cover about 83% of Social Security benefits," said Emily Millsap, a CFP, manager and financial planner from Avantax Wealth Management. "It's not that Social Security will disappear completely, but rather, the surplus bucket we rely on is at risk."

As of 2024, more than 68 million retirees depend on their monthly Social Security checks as a major source of income. The Social Security Trustees Report found that out of the group of retirees 65 and older, 12% of men and 15% of women relied on Social Security for 90% or more of their income.

The average Social Security check for a retired worker is only $1,907 per month, according to the Social Security Administration.