Nearly 800,000 Oklahomans stressing over proposed Social Security cuts — as insiders warn of ‘system collapse’ within next 30 to 90 days. What to know about protecting your nest egg

The impact of proposed Social Security cuts

This comes at a time when a record number of baby boomers are reaching retirement age — a phenomenon referred to as Peak 65. And 2025 is the “peak” of Peak 65, with a record 4.18 million Americans reaching the traditional retirement age of 65, according to a research report by the Alliance for Lifetime Income’s Retirement Income Institute.

“Unlike older retired baby boomers, the majority of Peak 65’ers don’t have pensions, which used to help fill that gap left by Social Security,” according to the report’s author, Jason Fichtner, executive director of the institute and a former chief economist at the SSA.

That means cuts to the Social Security workforce are coming at a time when demand for its services are at an all-time high. Former Social Security Commissioner Martin O’Malley told CNBC.com that recent actions by Elon Musk’s Department of Government Efficiency (DOGE) are putting the benefit checks of more than 72.5 million Americans at risk.

“Ultimately, you’re going to see the system collapse and an interruption of benefits,” O’Malley said. “I believe you will see that within the next 30 to 90 days.”

Delays could be disastrous for many Americans. In one study, 42% of Americans aged 65-plus said they wouldn’t be able to afford basic necessities like food without their monthly check. For Americans about to retire, staffing cuts and office closures could lead to delays in processing their claims.

At the same time, DOGE — which is helmed by unelected billionaire Elon Musk — is closing 47 local Social Security offices in an effort to save money. Musk has referred to Social Security as “the biggest Ponzi scheme of all time.”

In Oklahoma, a total of 15 federal offices are on the chopping block, including the SSA office in Lawton. These closures will save an estimated $3.7 million, according to DOGE.

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How to adjust your retirement savings

From the get-go, Social Security was never meant to be the sole source of a person’s retirement income; rather, it was meant to supplement personal savings and pensions. But an AARP survey found that 20% of Americans aged 50-plus don’t have any retirement savings.

The earlier you start saving, the better — but it’s never too late to start. And that may be more important than ever, with “the imposition of additional tariffs on imports from China, substantial policy uncertainty, sizable pullback in consumer sentiment and spending since the beginning of the year, elevated geopolitical tensions and federal spending reduction initiatives,” according to The Conference Board’s forecast for the U.S. economy.

For those who don’t have a long-term financial plan, it may be worth sitting down with a financial adviser to create a strategy going forward (or to revisit your existing financial plan).

That could include rebalancing into a more diversified mix of investments to include different industries, countries and risk profiles, as well as alternative investments such as real estate or commodities. It could also include mitigating some risk through dividends, in which companies pay distributions to shareholders based on profitability.

Whether you’re saving for the future or close to retirement, you may want to explore your options for bringing in some extra cash, such as taking on a side gig. It may even be worthwhile to reevaluate your retirement plans. Maybe that means working a few more years before retiring, downsizing your home or moving to a less expensive neighborhood or city.

Younger investors have more time to ride out a potential downturn in the economy; those closer to retirement may want to talk to their financial adviser about their options.