I'm 61 years old and only have $179,000 saved up for retirement. I'm concerned about the future of Social Security under Trump — should I find other income sources ASAP?

What could change under Trump?

Social Security benefits have historically been a political minefield. Both Democrats and Republicans tout their commitment to protecting retiree benefits while standing guard against anything that could be perceived as lowering the benefit. So, where does Trump stand?

Let’s start with one of his big campaign promises: Trump wants to end taxes on Social Security benefits. Doing so would allow beneficiaries to keep more money, however, experts believe it would also add to the program’s financial challenges by removing one of the streams that contributes to this vital safety net. Already, Social Security is facing depletion as late as 2035, potentially leaving recipients with about 83 percent of their promised benefit.

Additional Trump moves could also hasten the insolvency of Social Security trust funds, according to the nonpartisan Committee for a Responsible Federal Budget.

For instance, he’s proposed eliminating taxes on tips and overtime, which could reduce payroll tax collection. Heavy tariffs on imports could stoke inflation and increase cost-of-living adjustments for beneficiaries. And his focus on deporting undocumented immigrants could reduce the number of immigrant workers paying into the Social Security trust funds.

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What should you do amid uncertainty?

Plenty of political maneuvering is ahead, and it’s uncertain whether any of Trump’s proposals will be successful. It’s also within the realm of possibility that Congress takes action to directly bolster Social Security funding.

So, if you’re 61 years old with $179,000 inside a retirement plan it probably makes sense to adjust your plans in ways that factor in Social Security but don’t require it to be the centerpiece of your retirement.

Some ideas to explore that can stretch your resources:

Part-time work: Flexible or remote part-time jobs can supplement your income without derailing your retirement lifestyle. Look into consulting or freelance work in your field.

Delay Social Security: Social Security benefits increase by 8% annually if you delay claiming them from full retirement age (66 or 67, depending when you were born) until age 70. This means individuals receive a higher monthly payment by postponing the start of their benefits.

Boost your emergency fund: Increasing your emergency savings between now and your planned retirement can provide peace of mind. Aim for at least six or 12 months’ worth of expenses in liquid savings to cover unexpected costs or bridge income gaps.

Seek out help: Navigating retirement uncertainty and planning for alternative income sources can be overwhelming. It’s often a good idea to seek professional advice tailored to your unique situation. A financial adviser can help you assess your retirement account, adjust your portfolio to maximize cash flow\ and explore income options.