As the future of Social Security remains uncertain, millions of Americans are growing increasingly concerned about what they can do if their benefits are reduced—or run out altogether. According to the Social Security Board of Trustees, if no legislative changes are made, the program’s trust funds could be depleted by 2037. At that point, only about 76% of scheduled benefits would be payable.
For older adults, people with disabilities, and those who rely on Social Security as a primary source of income, this prospect is alarming. But if you’re facing a potential shortfall in Social Security resources, you still have options. Here are two key paths you can consider: applying for Supplemental Security Income (SSI) and adjusting your personal financial planning.
1. Apply for Supplemental Security Income (SSI)
If your Social Security benefits are too low—or if you aren’t eligible for them at all—you may qualify for Supplemental Security Income (SSI). SSI is a federal program that provides monthly payments to people who have low income and limited resources, especially those who are 65 or older, blind, or living with a disability.
Who Qualifies?
SSI eligibility is based on financial need, not your work history. To qualify in 2025, individuals must have countable income and assets below certain limits—generally $2,000 for individuals or $3,000 for couples in resources. Certain types of income, like a portion of your wages or Social Security payments, are considered when determining eligibility.
The maximum federal SSI payment is $943 per month for individuals and $1,415 for couples, but amounts can vary depending on your state, living arrangements, and other factors. Some states supplement federal SSI payments with additional funds.
You can apply for SSI online or by contacting the Social Security Administration (SSA
SSI is an essential backup option for those with minimal financial resources and can be combined with other assistance programs such as Medicaid, SNAP (food stamps), and housing aid.
2. Adjust Your Personal Financial Strategy
If Social Security alone won’t cover your retirement or disability-related expenses, taking control of your financial future becomes even more critical. Here are several practical ways to bolster your financial security.
a) Delay Claiming Social Security
One effective way to increase your monthly benefits is to delay taking them. While you can begin receiving Social Security retirement benefits at age 62, waiting until your Full Retirement Age (FRA)—which is 67 for those born in 1960 or later—means you’ll receive 100% of your benefit. Waiting until age 70 can further boost your monthly payment by up to 8% per year beyond your FRA.
www.ssa.gov/benefits/retirement/planner/delayret.html
b) Increase Personal Savings
To lessen reliance on Social Security, consider saving more in tax-advantaged retirement accounts such as:
- 401(k): Often includes employer matching
- Traditional or Roth IRA: Offers tax-deferred or tax-free growth
- Health Savings Account (HSA): Useful for covering healthcare expenses in retirement
If you’re 50 or older, you can make catch-up contributions to save even more. For example, in 2025, you can contribute up to $30,000 annually to a 401(k) if you’re 50+.
c) Rework Your Budget
When income is uncertain, managing expenses becomes essential. Begin by tracking your monthly spending and identifying areas to cut back—like subscriptions, housing costs, or dining out. Creating a realistic budget helps you stretch every dollar.
The Consumer Financial Protection Bureau (CFPB) offers easy-to-use budgeting tools
d) Explore Part-Time Work or Freelancing
Earning additional income through part-time work or freelance gigs is another option. Many retirees take up flexible roles—consulting, tutoring, caregiving, or online work—to supplement their income.
However, if you haven’t reached your Full Retirement Age, Social Security may reduce your benefits if you earn over a certain threshold. In 2025, the limit is $22,320 per year, and benefits are reduced by $1 for every $2 earned above this amount.
Final Thoughts
While the future of Social Security is still being debated in Washington, it’s wise to plan for possible changes now. If your benefits are reduced or exhausted, programs like SSI can provide critical support. Meanwhile, proactive financial planning—delaying retirement, saving more, working part-time, and budgeting wisely—can help secure your financial future.
Don’t wait until a shortfall hits. Evaluate your options today, and consider consulting with a financial advisor or Social Security representative to get personalized advice.
