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  • Writer's pictureNick T.

Why You Shouldn’t Rely on Social Security in 2023


If you’re nearing retirement age, you’re probably looking forward to collecting your Social Security benefits. Social Security is a federal program that provides a stream of income to disabled and retirement-age individuals. These benefits can provide a nice boost to your finances, but you should never put all your eggs in one basket. You need to supplement SSI benefits with other retirement strategies in order to ensure a happy retirement. Here’s why:

Uncertain Future

Social Security was designed as a safety net, not as a primary source of income. Its future sustainability is a concern due to economic challenges and changes in government policy. Social Security benefits are never a guarantee, and some fear that SSI funds are running low. This could result in reduced benefits in the future.

Limited Income

The average Social Security benefit is not enough to maintain the lifestyle you desire during retirement. SSI only replaces a portion of your pre-retirement income, and the formula used to calculate benefits favors lower earners. If you have extravagant dreams for your retirement, SSI alone is not going to cut it. Consider your lifestyle expectations and retirement goals. If you aim to travel or invest in new hobbies, you’ll likely need additional income. Social Security is only intended to help cover basic expenses.


Social Security benefits are adjusted for inflation, but the formula used to calculate inflation is flawed. It might not accurately reflect the rising cost of essentials like healthcare and housing. These necessities tend to increase in price at a faster rate than the general inflation rate. Need extra cash? This site pays us to $25 per survey.

Healthcare Costs

Healthcare expenses tend to rise as you age. Medicare is closely tied to Social Security, but it might not be enough to cover all your medical needs. If you incur additional healthcare costs, they could eat into your SSI benefits.

Government Dependency

Depending solely on Social Security benefits puts you at the mercy of policy changes. You never know when Congress will propose a reform to SSI benefits. The rules are subject to change at any time. A change in benefits or eligibility criteria could easily disrupt your retirement plans.

Early Retirement

If you wish to retire before age 67, you will need to find another source of supplemental income. SSI benefits can be claimed as early as 62, but collecting early will reduce the value of your monthly benefits.

End Note

A fruitful retirement requires careful planning. Social Security continues to be a major source of income for many retirees, but you should always have a backup plan. Save money and make calculated investments. It's up to you to take control of your financial security.

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