Lula Fights to Tax the Rich in Preview of 2026 Election Battle
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Brazil's Luiz Inacio Lula da Silva picked a fight with Congress over taxation of the rich, offering an early glimpse of political and economic debates that are set to rage through the country's presidential election next year.
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House unanimously votes to memorialize Texas girl allegedly slain by illegal immigrants
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State Department puts 1,300 staffers on notice after Supreme Court clears Trump's plan for mass firings
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Social Security Could Run Out by 2034—Here Are 8 Places To Grow Your Money
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Imagine losing nearly a quarter of your monthly income just as you're about to retire. That's the reality millions of Americans could face if Congress doesn't shore up Social Security before the trust fund runs dry in 2034. According to the latest government estimates, retirees could see automatic cuts of around 23% to their benefits. While lawmakers argue over potential fixes, one question becomes urgent: How do you plan for retirement when the system you're counting on is in trouble? There are ways to protect yourself, whether you're just beginning to save or closing in on retirement. Social Security has never been a perfect system, but it's long served as the foundation of retirement income for most Americans. Today, over 66 million people receive monthly benefits. The problem is that the system is paying out more than it's taking in. 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High-yield savings accounts , on the other hand, can offer 4% APY or more, depending on the provider. HYSAs are insured by the Federal Deposit Insurance Corp. (FDIC), meaning your deposits (up to $250,000 per bank) are protected even if the institution fails. They're ideal for emergency savings, short-term goals, or building a liquid cushion while earning competitive interest. Look for: No monthly fees, low minimums and rates around 4%. Roth IRAs are one of the most flexible and tax-efficient ways to save for retirement. Contributions are made with after-tax dollars, and withdrawals in retirement are tax-free. Traditional IRAs work the opposite way: Contributions are often tax-deductible, but withdrawals in retirement are taxed as income. Having both gives you tax diversification in retirement, especially if Social Security payments are reduced. 2025 contribution limits: Up to $7,000 per year ($8,000 if you're 50 or older), subject to income limits. CDs are low-risk savings products that let you lock in a fixed interest rate for a set period of time. In 2025, CD rates are still attractive, with many offering 5% or higher for 1-year terms. If you're worried about market volatility or just want to safeguard a portion of your savings, a CD ladder can help. This strategy involves opening multiple CDs with staggered maturity dates, giving you access to your money at regular intervals while maximizing interest. Tip: Choose a no-penalty CD if you think you might need early access. Despite recent market swings, workplace retirement plans remain a critical part of long-term retirement savings, especially if your employer offers a match. That match is essentially free money and should be maxed out if possible. 401(k)s are common in the private sector, while 403(b)s serve employees in public schools and certain nonprofits. Both offer tax-deferred growth, and many employers now offer Roth versions for tax-free withdrawals in retirement. 2025 contribution limits: Up to $23,500 annually ($30,500 if age 50+), plus employer match. Money-market mutual funds are a low-risk place to park cash while earning a bit more interest than a standard savings account. These funds invest in short-term, high-quality debt and are commonly available through brokerage accounts. They're a good option for short-term savings goals or as a cash-equivalent portion of a diversified portfolio. Tip: Unlike HYSAs, money-market funds are not FDIC-insured, but they're still considered very low risk. If you're not sure how to allocate your investments, robo-advisors can build and manage a diversified portfolio for you automatically. They typically use low-cost ETFs and adjust based on your goals, timeline, and risk tolerance. This is a great option for hands-off investors who want to stay on track for retirement without paying high advisory fees. Watch for: Expense ratios under 0.25% and platforms with low or no minimums. If you have a high-deductible health plan, an HSA is one of the most powerful and underused savings tools. Not only does it offer a triple tax benefit, but many HSA providers also allow you to invest your balance once it exceeds a threshold (typically $1,000 or $2,000). Invested HSA funds can grow tax-free for decades and be used for healthcare costs in retirement, or withdrawn after age 65 like a traditional IRA. 2025 contribution limits: $4,300 for individuals, $8,550 for families (plus $1,000 catch-up if over 55). If you're looking to invest on your own, the right online broker can make a big difference. The best online brokers for beginners offer intuitive platforms, strong customer support, commission-free trades and robust educational tools. 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Open a Roth IRA and automate monthly contributions Start an emergency fund in a HYSA Contribute to your 401(k), especially if you get a match Consider a robo-advisor for easy, diversified investing Max out 401(k) and IRA contributions if possible Diversify with CDs, money-market funds and HSAs Use catch-up contributions and estimate your Social Security benefits Explore low-fee online brokers or robo-advisors Delay Social Security if you can to boost your monthly payout Shift some assets to safer options like HYSAs and short-term CDs Review your HSA balance and plan for healthcare costs Consider consolidating accounts at a beginner-friendly broker The possibility of Social Security cuts is real, but it doesn't have to derail your retirement. By taking steps now, like boosting your 401(k), opening a Roth IRA, and moving idle cash into a high-yield savings account, you can prepare for the future, even if the system falls short. The earlier you act, the more options you'll have. Social Security may be uncertain, but your personal savings strategy doesn't have to be.
