Social Security is a vital safety net for retirees, older adults and people with disabilities. However, recent reports indicate that its trust fund will run out within the next few years, leaving many who depend on it uncertain about their financial future.

Since the start of President Donald Trump’s second term, the Social Security Administration has announced several changes that have already affected beneficiaries. From the Department of Government Efficiency’s push to crack down on overpayments to massive staffing cuts, these shifts have led to delays in processing claims, reduced customer service, and growing concern among recipients about the program’s stability.

Social Security changes for recipients

CBS News reported that seniors who rely on these payments may need to explore alternative financial sources for additional income. Making ends meet is already challenging for everyone, but older adults have even more limited options. However, there is some financial relief for this group.

How can seniors save their money?

Here are three ways seniors can supplement their income:

• Reverse mortgages allow homeowners 62 and older to receive monthly payments from their home equity, with repayment deferred until the home is sold or the owner passes away, helping seniors to supplement their Social Security income without incurring more debt.
• Annuities can be another stable option. By investing a lump sum with a provider, seniors can receive guaranteed monthly income for life, providing financial security regardless of any changes.
• Personal loans can potentially take on more debt with higher interest rates, but they can still be a better option than credit cards.

Older adults preparing for retirement have many factors to consider when determining the maximum amount of income they will have after their careers. According to 24/7 Wall St., Social Security can provide these individuals with some retirement benefits, but it only replaces 40% of their pre-retirement income. Some ways to help preserve finances are to explore their employer’s 401(k) options, save raises, cut back on expenses, and even consider having a side job.