Planning to Retire in 2035? Read This Before You Collect Your First Social Security Check.

If you’re like me, you’re one of those “time is flying by” type of people. Every time I look up, I’m surprised to see just how much time has passed. Since we’re firmly in 2026, people planning to retire in 2035 are less than a decade away from a post-work life.

The decade leading up to retirement is a crucial one for many people because it’s when they get serious about dotting their Is and crossing their Ts. It’s also a time to begin seriously thinking about Social Security and the role it will play in your retirement finances.

If you’re planning to claim Social Security in the next decade, there are a few things to keep in mind as you navigate over the next handful of years.

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Cuts to benefits could be coming

The Social Security program is mostly funded through the taxes people pay on their income. Unfortunately, the program has been running a deficit in recent years, with more retirees weighing on the system than active workers paying into it.

The Old-Age and Survivors Insurance (OASI) fund and the Disability Insurance (DI) fund are two funds that are primarily used to cover the gap. The problem, however, is that the Social Security Administration (SSA) estimates that the OASI could be depleted by 2034 if the program continues at its current deficit.

This doesn’t mean people will stop receiving benefits, but benefit cuts may be necessary to ensure the program can be fully funded by tax revenue. Right now, the potential cuts could be 23%.

Inflation is outpacing benefit increases

Each year (with a few exceptions), Social Security applies a cost-of-living adjustment (COLA) that’s meant to offset some of the inflation retirees experience.

Unfortunately, even with the annual COLAs, Social Security benefits have been losing their purchasing power. According to The Senior Citizen League (TSCL) – a bipartisan senior advocacy group – Social Security benefits have lost 20% of their buying power since 2010 and around 30% since 2000.

This means $100 in benefits then would only be worth around $0.80 and $0.70 today. Needless to say, that’s not ideal.

It isn’t time to sound the alarm just yet

The first two notes may make it seem like Social Security is headed for doomsday, but it’s more about being aware of its state than anything. With roughly a decade left until retirement, you can still make meaningful financial progress that could hopefully reduce your reliance on Social Security.

Finding meaningful extra income might not be the easiest task (if it were, everyone would do it), but you can become more intentional about how you use your money.

Whether it’s increasing your 401(k) contributions, putting more money into stocks (especially dividend stocks that produce income), paying down high-interest debt, or using IRAs to complement your 401(k), being proactive can help ensure you can use Social Security for supplemental income and not all of your retirement income.