
When Americans think about the future of Social Security, their outlook is pretty bleak.
Fully three-quarters of adults 50 and older are afraid that Social Security will run out of funding during their lifetime, according to the Nationwide Retirement Institute’s latest annual Social Security survey.
Of the 1,800 adults surveyed, many said they are taking steps now in case there are cuts of 25% to their Social Security benefit during retirement. (The federal government’s latest projections show that the Social Security retirement trust fund reserves will be exhausted in 2033, at which point a 23% cut in benefits is projected.)
Here are the steps that adults of all ages — Generation Z, millennials, Generation X and baby boomers — are taking today in case Social Security begins to disappear tomorrow.
5. Planning to keep working or never retire

Respondents who said they have taken or are taking this step: 12%
When it comes to retirement income, the best defense against running out of money is to go on offense and earn more.
Working later into life can give you more of a cushion to ride out financial difficulties related to Social Security shortfalls. If you are in your golden years but feel nervous about your income, check out “7 Tips for Getting a Great Part-Time Job in Retirement.”
4. Delaying retirement

Respondents who said they have taken or are taking this step: 18%
Admit it: From time to time, you dream of retiring a little earlier than age 62 or 65.
For some people, early retirement is an achievable goal. But if you are worried about the future of Social Security — and you don’t have a lot of other savings and investments — it might be wise to delay retirement for a at least a few more years. Maybe you work until age 68, or even 70 and beyond.
You might look back and be glad that you kept your nose to the grindstone.
3. Working on a strategy with a pro

Respondents who said they have taken or are taking this step: 20%
If the Social Security sky is indeed falling, you might panic and run around in circles like Chicken Little. But you would be better served to keep your wits about you, accept reality and make a plan to deal with it.
A financial professional can help you craft the right strategy for your golden years. So, stop by Money Talks News’ Solutions Center and find a great financial adviser.
2. Increasing contributions to retirement plans

Respondents who said they have taken or are taking this step: 21%
Modern Americans are not great at saving for a rainy day. But like it or not, few of us will get through out golden years without some cloudy periods.
Once you stop working, the paychecks stop arriving. The time to save for retirement is when you are fully employed and — hopefully — well-compensated. No matter how expensive life gets, try to find ways to save and invest for the future.
Even if you don’t have a workplace retirement plan, you can still put away money for your post-work years, as we discuss in “7 Ways to Save for Retirement Without a 401(k).”
1. Planning to generate income from savings or investments

Respondents who said they have taken or are taking this step: 27%
Counting on income from savings and investments to pay retirement bills is fine, as long as your expectations are realistic.
If you have a large nest egg, it is easier to dial down the level of risk in your portfolio and still count on your savings to keep modestly growing and funding your retirement for decades.
But if your pool of savings and investments is smaller, it might be a mistake to assume a booming stock market will swell your coffers throughout your golden years. There is no way to know for sure how the stock market will perform after you retire.
So, if you don’t have as much in savings as you would like — and you are truly worried about the future of Social Security — it might be time to return to actions No. 4 and No. 5.
Nothing

At the end of the day, some of us are doing nothing to prepare for a potential Social Security shortfall. Maybe we don’t really believe cuts will materialize. Or, perhaps we prefer to keep our heads in the sand and hope for the best.
In the Nationwide Retirement Institute survey, 17% of respondents said they are not taking any actions because they don’t know where to start. Another 13% said they find the situation “hopeless” and thus cannot be bothered to try to make it better.
Only 7% said they are not taking action because they don’t need Social Security to fund their retirement.
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