Social Security is widely regarded as the “third railroad” in American politics, meaning it is so controversial that most politicians just avoid touching it.
According to former President Joe Biden, President Donald Trump not only touched the system, but instead put an "axe" on it.
"This new administration has caused a huge damage, a huge damage. It's a little stunning," Biden said at a meeting in Chicago.
He also targeted billionaire Elon Musk, whose team pushed for spending and staff cuts on the Social Security Agency (SSA) and called the system "the ultimate Ponzi scheme ever."
"What the hell are they talking about?" Biden said. "Social security is more than just a government program. It's a sacred promise we make as a nation."
Democrats and former presidents aren’t the only ones who are shocked by Trump and Musk’s recent actions at the country’s retirement safety net. According to a recent Gallup poll, the public has been paying attention to the system’s future for 15 years.
If you share these concerns, no matter what happens to Social Security in the future, there are three ways you can strengthen your retirement income.
Due to the risks of the social safety net, now may be a good time to consider weaving an independent safety net by maximizing tax revocation.
Accelerate contributions to your 401(k) or Roth IRA program starting to create a self-sufficient retirement fund.
Take a moment to learn about the Health Savings Account (HSA) and start saving for any medical expenses you may need to deal with as you are in your senior year.
It’s also a good time to connect with a professional tax planner or investment advisor to learn how to strengthen long-term savings and investment plans.
Most retirees rely on dividend combinations of stocks, interest payments in savings accounts, and social security benefits to fund their retirement. However, because of the last one of the dangers, it might be a good idea to consider using alternative sources of passive income.
Rental properties are a great example and are widely regarded as a reliable source of passive income.
Read more: Here are 5 "must have" items that Americans (almost) always pay for overpay and quickly regret it. How many people hurt you?
According to Zillow, the median age of landlords is 59 years old. If you start your real estate journey early, you can create a property portfolio that complements any other source of retirement income you may have.
If you don’t have the time or money to develop your own retirement plan and protect yourself from any potential damage to social security, it may be time to get creative.
If you haven't lived in a state that doesn't tax social security benefits, consider moving to a country with a lower cost of living, or even a foreign country. This can reduce the money you need to live comfortably in retirement.
Kathleen Peddicord, founder and publisher of Live and Investeas overseas, told CNN Travel that American predecessors account for 80% of the site's traffic, while visits were 250% higher in days after the U.S. election. Many retirees see the attraction of moving to Panama, Portugal or Malaysia rather than financial struggles in the United States.
Reducing the size of your home is another lifestyle adjustment that can make your retirement more comfortable. This is not a popular option, as 84% of older Americans consider aging a priority, a survey by Point, a home net worth investment firm.
But for those struggling to make ends meet in their senior year, unlocking some equity established at home can be a great way to meet the basic expenses.
This article provides information only and should not be construed as advice. It is without any warranty of any kind.