What Social Security recipients should (and shouldn't do) before potential insolvency

MoneyWatch: Managing Your Money What Social Security recipients should (and shouldn't do) before potential insolvency We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Matt Richardson Matt Richardson Sr. Managing Editor, Managing Your Money Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance. Read Full Bio Matt Richardson June 10, 2026 / 12:33 PM EDT / CBS News Add CBS News on Google Ahead of a potential Social Security insolvency date, recipients and retirees should consider making certain money moves right now. Douglas Rissing / Getty Images Current Social Security recipients and those planning to receive Social Security payments in the near future may need to start building an alternative plan. That was one of the big takeaways this week when a new report showed that the program is slated to become insolvent by 2032. That will result in a 22% cut in monthly checks for recipients. This reduction could be financially devastating for millions of retirees, but especially so now as they contend with surging inflation and higher interest rates that are making even everyday expenses difficult to cover without having to borrow money.But recipients aren't totally out of options, either, especially considering that they have multiple years to prepare for this possibility. While a 22% reduction may not be easy to make up, there are some steps recipients can take now that will boost their savings immediately and reduce their expenses at the same time. Below, we'll outline some of the ways they can accomplish both goals.Start by earning more interest on your money with a high-rate CD account here.What Social Security recipients should (and shouldn't do) b...