{"id":181935,"date":"2025-09-26T01:07:17","date_gmt":"2025-09-26T01:07:17","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/181935\/"},"modified":"2025-09-26T01:07:17","modified_gmt":"2025-09-26T01:07:17","slug":"7-crucial-things-to-do-now-if-youre-near-retirement","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/181935\/","title":{"rendered":"7 Crucial Things To Do Now If You\u2019re Near Retirement"},"content":{"rendered":"\n

Social Security, that safety net for millions of Americans is facing an insolvency crisis<\/a> that could hit as early as 2033. If nothing is done to solve that problem, benefits could be cut by as much as 24% for everyone, leaving the average retired couple $18,400 short of expected annual benefits, according to the U.S. Committee for a Responsible Budget.<\/p>\n

Find Out: 3 Little-Known Social Security Rules That Could Save You Thousands<\/a><\/p>\n

Try This: 5 Types of Cars Retirees Should Stay Away From Buying<\/a><\/p>\n

If you\u2019re near retirement now, or even in it, what money moves or strategies should you adopt now to prepare? Experts offer the following tips<\/a>.<\/p>\n

Many people head into retirement without having enough cash on hand, according to Devin Miller, CEO and co-founder at SecureSave<\/a>.<\/p>\n

\u201cYou can have a lot of money saved in your retirement account but what happens if something unexpected comes up<\/a> like a car repair or medical bills?\u201d he asked. Withdrawing too much from your retirement accounts can destroy your long-term savings faster than you think.<\/p>\n

Thus, an emergency fund with several months\u2019 worth of expenses is key to not having to tap into retirement accounts that are still invested in the market.<\/p>\n

Learn More: Need To Cut Expenses While on Social Security? Here\u2019s the First Thing To Get Rid Of<\/a><\/p>\n

While it\u2019s understandable to want to keep the same lifestyle as you did in your pre-retirement years, it\u2019s not always financially tenable, especially if Social Security benefits are cut.<\/p>\n

Start to make some lifestyle changes before retirement to prepare, whether that\u2019s eating out less often or taking fewer trips, Miller said. Additionally, consider downsizing if small lifestyle changes aren\u2019t enough.<\/p>\n

\u201cIf you can find a cheaper place to rent or downsize to a smaller place to live with a smaller mortgage or paid off house, it can help you survive monthly on less,\u201d according to Ashley Morgan, a debt and bankruptcy lawyer at Ashley F. Morgan Law, PC<\/a>.<\/p>\n

Next, see if you can delay retirement<\/a>, Morgan said.<\/p>\n

\u201cIf you can work for a few extra years and prevent drawing on any retirement savings to live, it can extend the [number] of years you can survive on any retirement savings,\u201d Morgan noted.<\/p>\n

A part-time job can also supplement Social Security and fill the gaps if you cannot survive otherwise, Morgan added. Of course, you do need to be careful to remain in the right tax bracket so you don\u2019t reduce the amount of benefits you\u2019re eligible for.<\/p>\n

\u201cHealthcare expenses are among the biggest financial concerns for Americans heading into retirement, yet 76% either underestimate or have no idea what those costs actually look like,\u201d said Whitney Stidom, vice president of consumer enablement at eHealth<\/a>. \u201cIf retirees want to make the most of their Social Security benefits, understanding their health insurance choices is crucial. Smart, informed decisions can lead to significant savings on medical costs in 2026 and in the coming years.\u201d<\/p>\n

A growing number of people are opting for Medicare Advantage, which provides coverage for 51% of Medicare beneficiaries as of today, Stidom said. But choosing a Medicare plan can be complex, given the average beneficiary has more than 40 Medicare Advantage plans to choose from in their local areas.<\/p>\n

Be sure to take advantage of the fall annual enrollment period (Oct. 15 to Dec. 7) and select the optimal Medicare plan<\/a> based on personal needs and budget.<\/p>\n

\u201cPeople who comparison shop for a Medicare Advantage plan can potentially save over $1,800 a year.\u201d<\/p>\n

If you\u2019re diagnosed with, or at risk for, a chronic health condition like diabetes or other, evaluate a chronic special needs plan (C-SNP), Stidom urged.<\/p>\n

\u201cThese plans, which are surging in popularity, can help lower prescription medication costs and can offer additional benefits specifically designed for people with qualifying chronic conditions,\u201d she explained.<\/p>\n

Comparing plans can also translate into savings<\/a> on prescription medications, Stidom said.<\/p>\n

\u201cWhile many Medicare Advantage and Part D plans provide prescription drug coverage, each has a different list of medications they will cover, and they may be covered at different cost sharing tiers,\u201d she added.<\/p>\n

Medicare Advantage beneficiaries who shop around can save over $800 per year on the cost of their prescription medications, she pointed out.<\/p>\n

Miller said that while less income can sound scary, you probably don\u2019t need to overhaul your retirement plan.<\/p>\n

\u201cSmall changes\u2026 can go a long way in helping you stay financially stable and stress-free,\u201d he noted.<\/p>\n

More From GOBankingRates<\/p>\n

This article originally appeared on GOBankingRates.com<\/a>: Social Security Facing Serious Cuts: 7 Crucial Things To Do Now If You\u2019re Near Retirement<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Social Security, that safety net for millions of Americans is facing an insolvency crisis that could hit as…\n","protected":false},"author":2,"featured_media":181936,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[107515,28,107514,21436,9448,147,530,2404,1048,733,107516],"class_list":["post-181935","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-ashley-morgan","tag-business","tag-devin-miller","tag-lifestyle-changes","tag-medicare-advantage","tag-personal-finance","tag-personalfinance","tag-retirees","tag-retirement-savings","tag-social-security","tag-whitney-stidom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/181935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=181935"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/181935\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/181936"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=181935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=181935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=181935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}