Biden blasts Trump for taking ‘hatchet’ to Social Security — here’s how to protect your income no matter what

“This new administration has done so much damage and done so much destruction. It’s kind of breathtaking,” said Biden at a conference in Chicago.

He also took aim at billionaire Elon Musk, whose team has pushed spending and staffing cuts at the Social Security Administration (SSA) and has called the system “the ultimate Ponzi scheme of all time.”

“What the hell are they talking about?” Biden said. “Social Security is more than a government program. It’s a sacred promise we made as a nation.”

Democrats and the former president are not the only ones alarmed by Trump and Musk’s recent moves on the nation’s retirement safety net. Public concerns about the system’s future reached a 15-year high, according to a recent Gallup poll.

If you share these concerns, here are three ways you can bolster your retirement income regardless of what happens to Social Security in the future.

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Maximize retirement accounts

With the social safety net at risk, it might be a good time to consider weaving an independent safety net by maximizing your tax-sheltered retirement accounts.

Ramp up contributions to your 401(k) or Roth IRA plans to start creating a self-sufficient retirement fund.

Take the time to learn about Health Savings Accounts (HSAs) and start saving for any medical bills you may have to deal with in your senior years.

This is also a great time to reach out to a professional tax planner or investment advisor to understand how you can bolster your long-term savings and investment plans.

Look for alternative streams of passive income

Most retirees rely on a combination of dividends from stocks, interest payments from savings accounts and Social Security benefits to fund their retirement. But with the last one in jeopardy, it might be a good idea to consider alternative sources of passive income.