Experts warn of stagflation and a gutted SSA. Here are the money moves you can make to protect your retirement

Richard Clarida — global economic advisor at Pacific Investment Management Company (Pimco) and former Federal Reserve vice-chairman — told Bloomberg that there’s “already at least a whiff of stagflation right now” in the U.S.

Read more: Trump warns his tariffs will spark a ‘disturbance’ in America — use this 1 dead-simple move to help shockproof your retirement plans ASAP

At the same time — amid policy uncertainty and the threat of stagflation — Americans are contending with the gutting of the Social Security Administration (SSA) by Elon Musk’s Department of Government Efficiency (DOGE).

While the White House has said there won’t be any cuts to Social Security and Medicare benefits, the SSA has already fired 7,000 employees and is planning to lay off thousands more — cuts that could lead to “system collapse and interruption of benefits,” Martin O’Malley, former commissioner of the SSA, shared with CNBC.

Some politicians believe the Trump administration is “setting up the SSA for failure” so that it can justify privatizing the agency.

A reduction or disruption of Social Security benefits would create hardship for most retirees. Nearly 90% of Americans 65 and over receive benefits, which account for about 31% of their income.

Stagflation means that higher prices could make it harder to stretch your savings, while a slower economy could also reduce the value of your nest egg. Whether you’re retired or about to retire, here are steps you can take to protect your retirement.

• Reduce expenses: Create a new retirement budget with a focus on reducing large expenses. You may even want to consider downsizing your home or relocating to a less expensive location.

• Revisit your financial plan: Talk to your financial advisor to make sure you’re getting the most out of your portfolio, such as withdrawing your savings in the most tax-efficient manner.

• Increase your income: If you’re stretched thin, you may want to consider working part-time, starting a home-based business or selling assets such as second cars or homes.

• Prepare for shocks: Build up your emergency fund, pay down debt and review your insurance coverages — particularly if you work for a government agency that may be subject to downsizing, or an industry that could be negatively impacted by tariffs.

• Ramp up your savings: Now is the time to ramp up the amount you’re putting away for retirement (if you can). Max out employer contributions to your 401(k) and, if you’re 50+, take advantage of top-up provisions for your retirement accounts. You may find it useful to create a budget and reduce expenses to find those extra savings.

• Revisit your investments: Talk to your financial advisor about how to get the most out of your investments. If you’re a long way from retirement, a market sell-off may provide opportunities — but if you’re going to retire imminently, you may want to move into more conservative investments to avoid taking early retirement withdrawals during a market downturn.

Starting to plan sooner rather than later can help you weather any uncertainty ahead.

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