A new study shows that the majority of Americans rely on Social Security benefits for financial survival. 61% of current beneficiaries and 54% of future beneficiaries say they can’t make ends meet without these payments. However, benefit cuts could be looming as the trust funds are expected to run out by 2034. Lawmakers are considering solutions like taxing wealthy workers to increase program income. To prepare for potential cuts, consider delaying benefits, generating passive income, or cutting expenses. Staying informed about Social Security can help protect your finances in the long run.

Read more at Nasdaq: Could You Survive a Social Security Cut? Most Say They Couldn’t.