Social Security Administration's 'customer service crisis' — how to prepare for anything in retirement

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For the millions of Americans who rely on various programs run through the Social Security Administration (SSA), it’s sometimes a slog to receive — and keep — your benefits.

More than 9.2 million Americans receive disability insurance through the SSA each year, and many of those who use the program are struggling with reconsideration requests for specific benefits that take months (or sometimes more than half a year) for a response. The SSA’s commissioner, Martin O’Malley, has outlined some reasons for the delays. Under-staffing has led to what he calls a “customer service crisis,” where some Americans are forced to wait hours to simply get on the line with a representative.

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According to O’Malley, approximately “10,000 people a year die waiting for their disability determinations to be made.”

If you want to avoid a potentially life-altering crisis in your golden years, consider protecting your retirement with savings that will shield you from relying on Social Security for your retirement income.

You can create your own portfolio of wealth-building and income-generating assets to live well in retirement. Here’s our best advice for how to accomplish this goal.

The problem

Nearly 10,000 baby boomers in the U.S. are entering retirement each and every day. That’s an incredible wave of folks who will be collecting Social Security, to say nothing of the nearly 10 million Americans currently receiving some sort of disability payment.

With such an influx of new “customers” and staffing levels that haven’t changed in 27 years, customer service issues are projected to increase. But there are also inflation-related concerns plaguing many retirees, as the Cost of Living Adjustments (COLAs) aren’t matching the real pressures many Americans are experiencing.

What you can do about it

The good news is that not all hope is lost. While time is on the side of younger investors, it’s also true that it’s always “better late than never” to start saving for retirement.

Consulting a financial advisor to create a plan is a good first step, regardless of your age or financial status.

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With Advisor.com, you can find the right financial professional to help you fulfill your wealth goals. It’s a free service that helps you find the right financial advisor for you,by matching you with a small list of the best options for you to choose from.

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Among the asset classes you may want to look at for retirement savings is gold.

A gold IRA is one option for building up your retirement fund with an inflation-hedging asset.

Opening a gold IRA with the help of Goldco allows you to invest in gold and other precious metals in physical forms while also providing the significant tax advantages of an IRA.

With a minimum purchase of $10,000, Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver.

If you’re curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today.

Whether you're close to retirement or you're currently retired, by saving three to six months of living expenses, you can avoid debt when unforeseen circumstances arise and you won't be as reliant on your benefits to try and make up the difference. Start by setting a realistic savings goal, then automate your savings by setting up a direct deposit from your paycheck into a high-yield savings account. Aim to save at least 10-15% of your income until you reach your target.

Read more: Rich, young Americans are ditching stocks — here are the alternative assets they're banking on instead

Finally, retirees (or those closing in on retirement) may want to consider if their life insurance policy is the best choice in terms of coverage and cost.

Ill health and accidents can create financial chaos for families without a good insurance plan that will cover the right costs. One type of insurance to consider is final expense insurance. This type of insurance can help provide coverage for the expenses your loved ones will face after you pass away.

Once you’re gone, life insurance can offer a versatile solution for your family, providing coverage to potentially replace lost income or settle outstanding debts.

By opting for term life insurance through a provider like Ethos, you are helping to ensure that your family will be taken care of after you’re gone. Term life insurance offers flexibility when you're seeking affordable coverage while balancing other financial responsibilities.

Ethos offers an easy online process that allows you to get up to $2 million in coverage with terms ranging from 10 to 30 years.

To get a free quote, all you have to do is answer a few questions about yourself. Then, you can compare coverage and choose the right policy that best suits your needs.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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