Experts advise considering these factors before claiming Social Security benefits.

• The Social Security Fairness Act increases Social Security's benefit expenses when the program's funds are already low.
• If you're concerned about your future benefits or believe you may be eligible for the recently introduced enhancements, experts advise taking the following steps into account.

Frequently, individuals concerned about their retirement worry if their Social Security benefits will be available.

Polls show Americans generally have low confidence in the program's future.

In a 2024 survey by the Nationwide Retirement Institute, 72% of adults expressed concern that Social Security would exhaust its funding before their lifetime.

According to a Bankrate survey conducted in October, only 6% of Americans are not concerned about their retirement benefits being paid. Among those closest to retirement age, Gen Xers, are the most concerned about the program's future, Bankrate found.

30 million individuals could utilize the IRS's free Direct File program. Biden granted student loan forgiveness to an additional 150,000 borrowers. The amount saved by abstaining from alcohol during "dry January" can be calculated.

The Social Security Fairness Act signed by President Biden will increase benefits for 3 million individuals who receive public pensions. However, due to the legislation not providing funding for these extra payments, Social Security now has a shorter time frame to pay full benefits.

The newly enacted changes have brought the projected date of Social Security's combined funds lasting until 2035 closer by six months, according to Congressional Budget Office estimates.

David Blanchett, head of retirement research at PGIM DC Solutions, stated that since there are no new sources of revenue, depletion will inevitably occur at some point in time.

In order to address the program's shortfall, Congress may consider increasing taxes, reducing benefits, or implementing a combination of both solutions.

The upcoming changes may impact the decision-making process for all beneficiaries and those affected by the new legislation.

Now is the time to 'stress test' your plan

The amount of Social Security retirement benefits a worker receives is determined by their earnings history and the age at which they apply for benefits.

Early claiming may result in permanently reduced benefits, with the earliest age being 62.

Retirees who wait until their full retirement age, which varies from 66 to 67 based on birth date, will receive 100% of the benefits they've earned.

Waiting until age 70 to receive full retirement benefits can result in an 8% increase for each additional year.

Experts suggest that it is generally beneficial to have a higher benefit amount, even if there are future cuts, as long as you can delay claiming benefits.

Individuals who are in or near retirement may not see imminent changes.

Blanchett stated that it's highly unlikely that any current retirees will have their benefits reduced.

In the future, Social Security benefits may not be as generous as they are today, Blanchett stated. The specifics of how benefits may change are uncertain and will depend on factors such as immigration and birth rates.

Blanchett advised that while Social Security benefits won't disappear entirely, it would be prudent to evaluate the impact of receiving only 80% or 50% of today's benefits on your retirement plan for dual-income households.

Having more retirement savings or other assets to rely on can help if Social Security cuts occur.

Blanchett advised that the best way to cope with risks and uncertainties is to save more money to be prepared for any eventuality.

In light of the possibility of benefit cuts, Joe Elsasser, a certified financial planner and president of Covisum, a Social Security claiming software company, recommends conducting a "stress test" for retirement plans.

"If you can't live your desired lifestyle even with a small setback, consider cutting back on spending now to avoid having to make drastic cuts later," he advised.

If new law affects you, 'take a fresh look' at your plan

According to agency data, over 72.5 million individuals currently receive Social Security and Supplemental Security Income benefits.

The Social Security Fairness Act will benefit approximately 3 million people, but this number is only a small fraction of the total beneficiary population.

The new law abolishes the Windfall Elimination Provision and the Government Pension Offset, which reduced Social Security benefits for individuals who had pensions or disability benefits from work where Social Security payroll taxes were not paid.

The new law may indirectly affect twice as many individuals as those directly impacted, considering spouses and children, according to David Freitag, a financial planning consultant and Social Security expert at MassMutual.

Eliminating the WEP and GPO offsets may result in a significant increase in retirement funding for some couples, potentially leading to a lifetime surplus of over $300,000, according to MassMutual's calculations.

According to Freitag, even a small increase of $300 in monthly income, adjusted for inflation annually, can have a significant impact on retirement savings.

Freitag advised that if you're impacted, you should reassess your retirement plan.