2 Social Security Moves That Can Protect Your Retirement From Future Benefit Cuts

The coronavirus pandemic has affected millions of Americans financially, and those nearing retirement age may be particularly vulnerable. If you're just a few years away from retirement and your investments have been negatively affected by the COVID-19 crisis, you may need to rely on Social Security benefits for a larger chunk of your retirement income. The Social Security Administration (SSA) uses money from payroll taxes to fund benefits, but between millions of baby boomers entering retirement each year and retirees living longer lifespans, the SSA is paying out more in benefits than it's collecting in taxes.