Social Security has been in the headlines ever since Elon Musk and his Department of Government Efficiency (DOGE) set their sights on the program.
Public concern has grown, fueled by Musk’s fiery claims of fraud within the system — some of which have been debunked by experts.
Tensions escalated further when Commerce Secretary Howard Lutnick recently suggested that his 94-year-old mother-in-law “wouldn’t complain” if Social Security missed a payment — unlike fraudsters, who would “yell and scream.”
Amid mounting worries about the program’s future, Musk took the stage at a town hall in Wisconsin on March 30 to clarify his position.
“DOGE will absolutely ensure that people get their Social Security, make sure they get their Social Security, make sure they get their Medicaid and will not be cutting any legitimate payments whatsoever,” Musk said.
Approximately 69 million Americans receive a Social Security check every month, and many depend on it to make ends meet.
According to the Social Security Administration, 39% of men and 44% of women aged 65 and older rely on Social Security for at least half of their income. Perhaps more striking, 12% of men and 15% of women depend on it for 90% or more of their income.
Yet, despite Musk’s reassurances, the long-term outlook for Social Security remains uncertain. The program’s annual trustees report projects that its combined trust funds will be able to pay benefits in full until 2035. After that, the funds’ reserves will be depleted, and the program’s income will only be sufficient to cover 83% of scheduled benefits.
Given these challenges, securing additional sources of income can be crucial for financial stability in retirement. Here are two options to consider.
Real estate has long been a popular option for retirement investors, since well-chosen properties can provide a steady stream of rental income. It’s also considered a hedge against inflation, with property values and rental income often rising alongside the cost of living.
Read more: Are you rich enough to join the top 1%? Here’s the net worth you need to rank among America’s wealthiest — plus 2 ways to build that first-class portfolio
