The turbulent economy has many retirees on edge as they see their nest eggs plummet and recover on a regular basis. That’s in addition to major questions about the future of the Social Security program.
Social Security’s trust fund is set to become insolvent in the 2030s, meaning beneficiaries will not receive full payments if Congress fails to shore up the system. And Elon Musk, leading the Department of Government Efficiency (DOGE), has called Social Security a Ponzi scheme and put in motion plans to decrease the agency’s staff.
The concerns have led to some 276,000 more retirees claiming Social Security benefits this fiscal year — a 13% increase — according to the Urban Institute.
READ MORE: The retirement withdrawal strategies advisors prefer
Traditional wisdom suggests waiting to claim Social Security benefits for as long as possible, since monthly payouts increase with age. But do the aforementioned concerns change that calculus?
We asked financial advisors whether the economy, DOGE and other factors are changing their Social Security withdrawal strategies. What are they hearing from clients? And what are they telling them?
Here’s what they said. Responses have been lightly edited for length and clarity.
