'Social Security is broke beyond belief': This Boston University economist warned the government safety net is full of holes — here's how to make sure you stay afloat in retirement

The "retirement planning evangelist" and professor of economics at Boston University says that paying for all projected benefits through time requires “an immediate and permanent hike” in the employer-employee The Federal Insurance Contributions Act (FICA) tax from 12.4% to 17%. Without the hike, Social Security payments are on track to be reduced as soon as 2034.

Older Americans are already getting anxious. A new AARP survey shows 61% of Americans age 50 and over worry they won’t be able to financially sustain themselves during their retirement years.

Given these issues, it might be a good idea to reduce your dependence on Social Security and take charge of your own retirement — here are a few ways you can do that.

Secure your retirement fund

“Even after Social Security contributions, and after 401(k) contributions, they should probably be saving another 15% of their take-home pay, which is very tough,” Kotlikoff said. “Most people are saving nothing.”

According to the AARP survey, his statement rings true. About 20% of Americans age 50 and over do not have anything saved for retirement.

If you are in the market for a retirement account to help grow your existing nest egg or to start building up your retirement savings, opening a gold IRA with the help of Goldco has a few advantages.

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Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, combining the tax advantages of an IRA with the inflation-hedging benefits of investing in gold.

One of the country’s most trusted precious metals companies – with an A+ rating from the Better Business Bureau – Goldco has helped thousands of clients protect their retirement.

“Most people are saving nothing”

Even if Social Security benefits are still paid out in full, many Americans face complicated hurdles in the system.

“For far too many of America’s seniors, with any but the simplest situations, negotiating the complexities and outright scams of the Social Security system on their own is nigh impossible,” Kotlikoff told The Brink. “Kafka could not have designed a more complex set of provisions with hidden catch-22s that can haunt you — in the form of clawbacks — decades after you start collecting benefits.”

The Brink article lists tips for retirement savings that include: plan within your means, save in addition to your retirement program, use planning tools, and wait longer to collect Social Security benefits.

If you want to invest and save in addition to your chosen retirement account and lessen your dependence on Social Security, you have multiple options.

Investing

Real estate is an intriguing option for retirees and can be especially appealing when compared to investing in the sometimes volatile stock market. This asset class has strong potential to generate long-term income that you can use during retirement or to add to your savings.

For example, Arrived makes it easy to fit rental properties into your investment portfolio without all the barriers and hassles that come with purchasing and managing a property yourself.

Backed by world-class investors like Jeff Bezos, Arrived’s easy-to-use platform offers SEC-qualified investments such as rental homes and vacation rentals.

Start by browsing a curated selection of homes, vetted for their appreciation and income potential.

Arrived’s flexible investment amounts and simplified process allow everyday investors to take advantage of this inflation-hedging asset class as part of their retirement plan.

If you aren’t sure which assets are best for your portfolio or you just want to take the work out of investing for retirement, you can let the experts at Wealthfront do it for you.

Wealthfront has an automated investing platform that can help you grow your money in a way that best aligns with your retirement goals.

By answering a few questions, Wealthfront helps you determine your risk tolerance and optimal asset allocation. It then crafts a diversified portfolio for you, spanning a range of ETFs — from stocks and bonds to real estate.