November midterms are ‘a critical moment’ for Social Security. Are you ready to face a future without it?
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On Nov. 3, 2026, the U.S. will hold its midterm elections. While stakes are always high for midterms, they’re arguably higher this year.
The reason is straightforward: Senators elected this term could have an unprecedented opportunity to shape the future of Social Security for decades to come.
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Social Security provides benefits to retired and disabled Americans, making it a critical lifeline that keeps millions out of poverty. But it’s also in financial trouble itself. The most recent report of the Social Security Board of Trustees (1), released in June, revealed that the Old-Age and Survivors Insurance (OASI) Trust Fund could be depleted as early as 2032.
Simply put, the depletion of the OASI Trust Fund would leave Social Security without cash reserves. Because the program cannot borrow, print money or access funds from the general government budget, it would only be able to pay out around 78% of promised benefits in 2032 if the trust fund is depleted.
Why does that matter to senators in 2026? It means the Social Security coffers could run dry under their watch.
Since the 33 senators elected to office this November serve six-year terms, they could still be in office when 2032 rolls around and the trust fund becomes depleted. That turns these elections into “a critical moment for the future of Social Security,” according to the Peter G. Peterson Foundation (2).
It could also be a critical moment for the financial futures of millions of beneficiaries. Unless reforms are made before the end of 2032, the Committee for a Responsible Federal Budget projects that the average retired couple is facing a loss of $16,900 (3) in annual benefits.
If that projection is even close to accurate, not only would it be a devastating financial loss to beneficiaries, but the political fallout could be catastrophic for anybody in office.
That could give those senators an extra incentive to work with their fellow legislators to find a solution — and sooner rather than later, since the longer they wait, the more the trust fund reserves become depleted and the more challenging it will be to fix.
As for what those solutions could look like, lawmakers could follow in the footsteps of the last major reforms in 1983 (4) by imposing a gradual increase in the full retirement age — the age when Americans can claim full benefits — as well as making part of Social Security benefits taxable for higher earners.
They could also look for new methods (5) to stabilize the Social Security trust fund, including the creation of a diversified investment fund to cover the shortfall or raising taxes on high-income Americans.
And what can the average American do? Depending on what lawmakers decide on, popular benefit programs could face serious disruptions, so voters may want to do their own research about each candidate’s proposals for fixing Social Security before heading to the polls.
They might want to reconsider their retirement plans as well, since relying on Social Security as a major source of income in the future might not be feasible. Instead, they could try to build a better financial future on their own. Here are some good ways to do that.
Build a diversified portfolio
According to the Social Security Administration, Social Security only replaces around 40% (6) of your pre-retirement income on average, even without any future cuts.
If that number seems low to you, it might be time to start making investments to supplement your retirement benefits before you stop earning a salary. Building a diversified portfolio can help you maximize the chances of generating the income you need from your investments, regardless of current economic conditions or stock market performance.
For instance, if you’re worried about a sudden downturn in the markets eating away at your retirement portfolio, precious metals like gold are often viewed as both a recession-resistant investment and hedge against inflation.
That’s because it’s not tied to any one country, currency or economy, meaning that investors tend to flock to gold — driving prices higher — in times of economic uncertainty or geopolitical instability.
What’s more, the precious yellow metal can’t be created out of thin air or printed at will by central banks, making it an attractive alternative to fiat currencies. This inherently limited supply can help it store value in the face of inflation.
One way to invest in gold that provides significant tax advantages is to open a gold IRA with the help of Goldco.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold. This makes it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainty.
With a minimum purchase of $10,000, Goldco also offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver.
If you’re curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today.
Take advantage of savings opportunities
With the threat of looming Social Security cuts on the horizon, taking care of every dollar matters. This is especially true for retirees, who face additional challenges, such as rising healthcare costs, uncertain markets and the impact of high inflation on fixed incomes.
If you’re worried about your financial security, you may want to consider joining an organization like AARP to earn discounts on almost everything, from prescriptions and dental plans to travel, entertainment and more.
As one of the most trusted organizations for older Americans, AARP does more than you might think. Not only does AARP offer money-saving perks, but it also provides access to guides that can help you make the most of Social Security, choose the right Medicare plan and uncover other government benefits — potentially saving you thousands. AARP can even keep you informed of any major changes to Social Security.
Sign up today and get 25% off your first year.
Get professional support
Finally, working with a financial advisor could be an option worth considering if you want to make a financial plan that can help you remain secure no matter what happens to Social Security.
But hiring an advisor can be a lifelong commitment, which might make or break your retirement. That’s why finding reliable advisors is crucial — and where Advisor.com comes in, connecting you with a qualified professional in your area for free.
Advisor.com tackles all of the heavy lifting, vetting advisors based on track record, client ratios and regulatory background. Their network is also made up of fiduciaries, meaning they have the legal duty to act in your best interests.
All you need to do is provide a few details about your finances and goals, and Advisor.com’s AI-powered matching tool will connect you with a qualified expert who is best suited for your needs based on your unique financial goals and preferences.
When you’re looking for professional financial advice, there’s no one-size-fits-all solution. That’s why Advisor.com allows you to set up a free initial consultation, with no obligation to hire, to see if they’re the right fit for you.
Once you’ve found someone who can help, work with them to create a plan that gives you the financial comfort you deserve.
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Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
Social Security Administration (1), (6); The Peter G. Peterson Foundation (2); Committee for a Responsible Federal Budget (3); AARP (4); CNBC (5)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.