This retirement expert says America is ‘past the point where we can fix Social Security.’ What he recommends instead

Read more: Approaching retirement with no savings? Fear not, you are not alone. Here are 6 easy ways you can catch up (and fast).

Not everyone is convinced that pumping more money into Social Security is the answer, especially with the U.S. debt approaching $39 trillion by January 2026 (5). This alarming figure is particularly relevant for Social Security, which already represents the government’s single largest expenditure, accounting for 22% of federal spending so far in the 2026 fiscal year (6).

Demands on the program will also increase. Life expectancy in the United States continues to increase, with the number of Americans age 65 and older projected to increase from 58 million in 2022 to 82 million by 2050 (7). As a result, benefit payments will continue to climb, with nearly $1.6 trillion expected to be paid out by 2025, according to a fact sheet released by the U.S. Social Security Administration (8).

Some argue for raising the retirement age to 67 or 70 to address these pressures, while others suggest structural reforms or benefit cuts. However, with no clear consensus in Washington, the future of Social Security remains in limbo, highlighting the importance of securing a reliable retirement plan that can withstand potential changes.

There’s no denying the importance of building a solid nest egg for a secure retirement — especially if you want to rely less on Social Security.

Finance experts like Suze Orman have long held that by focusing on growing your retirement accounts and diversifying your investments, you can build a strong financial foundation.

Equally important is having an emergency fund, which can protect your savings against unexpected expenses without jeopardizing your retirement goals. After all, the last thing you want is to deplete your retirement funds to cover a hospital stay.

In an age of financial uncertainty, securing your financial future may require a more proactive approach than in the past – one that goes beyond old age security.

For example, if you are optimizing your investments for stability, gold is generally more stable than stocks during economic downturns and recessions. In fact, the price of an ounce of gold has risen over the past 10 years, from $1,116 in January 2016, to a new high of $4,995.50 at the end of January (9).

If gold sounds attractive, now you can invest directly in the precious metal. One way to do so that can also provide significant tax benefits is to open a gold IRA backed by preferred gold.

Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.

To learn more, you can get a free information guide that includes details on how to secure up to $10,000 in free silver on qualifying purchases. You can download a free information guide to find out if a gold IRA is the right move for your retirement goals.

While building personal wealth through smart, independent investing has never been more essential, it’s also important not to forget to set aside an emergency fund – separate from retirement savings so that you don’t have to dip into long-term investments when unexpected expenses arise.

As scary as it may be to think about, there are ways to increase your emergency fund that are less stressful and more hands-off than you might think.

One of the best ways to increase your emergency fund is with a high-yield account. A high yield account offers higher interest rates than a traditional savings account, thus generating more money from interest in less time than a traditional savings account.

To get started, a high-yield account, such as the Wealthfront Cash Account, can be a great place to grow your funds, offering both competitive interest rates and easy access to your cash when you need it.

The Wealthfront Cash account offers a base variable APY of 3.25%, but new customers can earn a 0.65% increase in their first three months for a total of 3.90% APY provided by program banks on your uninvested cash. That’s about eight times the national deposit savings rate, according to the FDIC’s January report.

With no minimum balance or account fees, plus 24/7 withdrawals and free domestic wire transfers, you can ensure your funds are always accessible. In addition, Wealthfront cash account balances up to $8 million are insured by the FDIC through program banks.

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US Social Security Administration (1), (2), (3), (8); Bloomberg (4); US Congress Joint Economic Committee (5); US Treasury Department (6); Population Reference Bureau (7); Macrotrends (9)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.