I'm a paramedic in a large city. Not to many shifts ago I took a younger (college age) person to the hospital for an injury. One of the ways we help people is to get them talking about something other than the illness/injury. It is not as good as morphine, but does work.
In this situation the conversation turned to how the GOP was trying to gut Social Security with the "Chained CPI". I asked them to explain how that would gut Social Security. They could not, just that it would destroy Social Security. So I explained how it would hurt Social Security and why they want to do it.
Then I asked them "So what are you doing to prepare for Social Security to be destroyed?"
More after the squiggle.
They responded that they had written letters to the local (Democratic) Congressman and signed a petition.
I asked again, "but what are YOU doing to prepare?"
Really, what are we doing to prepare for the GOP to get its way? (Or what if they are right and Social Security is bankrupt?) Yes, fight to keep it, but what if we can't block the changes?
I listed a few things they could do now to be ready for the GOP onslaught. Stay in good health, save a small amount of money each month, avoid debt, and learn skills that can be used to earn money when you're less physically able.
My training is Emergency Management, we do our best to prevent bad things from happening, but plan for bad things to happen. One of the main goals is that your preparations should be useful even if the bad things don't happen.
So staying healthy will let you continue to work if they raise the retirement age. It will mean less medical bills, and a better quality of life. If we are successful in fighting off the attacks, you still are better off by living a health lifestyle when you're young. Don't smoke, avoid bad food, exercise, and do your best to avoid risks like driving drunk. Too many people are not healthy, or even trying to live a healthy lifestyle. Yes, you may get cancer no matter what you do, but smoking, drinking HFCS and eating GMO food does not help.
Saving money each month, even $5 - which I know is hard for some people, but saving a bit of money should be a goal. Under the Chained CPI, the annual cost of living increase would be less each year. So instead of getting $1,080 a month you would get $1073 the first year of a GOP victory. "only" $7 a month the first year, $84 for the year. Something most 20 year old's should be able to save up. Now ten years of this does add up; (assuming 1.5% CPI for 10 years - ok, stop laughing these are just example numbers - vs a Chained CPI of 1% for 10 years) $1,233 a month vs $1,174 a month. $59 a month difference $708 a year.
If they get their way, and you have saved $7 a month at 0.03% interest when you retired at 59 (assuming you're 20 now) you have $3,300. More than enough to cover 11 years of lower payments over that time from what you would have gotten. The down side if the Chained CPI is rejected is you have $3,300 in savings. Now, you would want to do more than $7 a month as you got better jobs and such, but making a habit of putting aside something, even $7 a month is going to make you better off than if you don't.
Avoiding debt is just great advice in general. Out side of for a reasonable home and reasonable student loan debt (equal to the median gross income expected from your degree is a good rule of thumb), do your best not to have any. Credit cards are evil. Short term loans, pay day loans, second mortgages, home equity loans, rent to own, etc all trap you with interest. For my church i've had the opportunity to help with counseling on family budgets. Too often 20 to 30% of the income was going out each month to interest. You get nothing for the interest you pay.
No it is not easy, which is why the word "avoid" is there. In most cases it is better to do with out than to put it on credit. More and more we read stories of retirees going bankrupt. Worse many stories about Social Security checks being docked to pay student loans. (or both sadly). Not having to pay off a credit card bill when you're trying to make ends meet at $1,174 a month ten years after retiring. (and it is really nice if you're getting $1,233.)
Learning something when you're young that can be used to make money later when you are not able to do all the things you did when you were young is a smart idea. Learning how to split and stack wood is a good skill, but when you're 70, it is rare someone is going to do as much as the 25 year old. But learning how to make crafts at 25 gives you 40 years to improve your skills, maybe even pick up a few dollars on the way too.
Some ideas: gardening, permacultre, woodworking, painting, sewing, shoe polishing, fishing, curing meat, canning, smoking meat/cheese, knife making, etc. Any medieval household skill.
Consider that you're not going to be as strong as you are now, or as agile. There is a reason you don't see many 90 year old blacksmiths or loggers. If you need to use these skills to earn a little extra income, it is better to have years of experience doing them well. If we keep Social Security strong, having skills like this can earn some extra cash as well as keep you busy and active.
Yes, we need to be fighting to keep Social Security strong, but we have to have a plan for if we can't. This is not being a defeatist. It is being realistic. Finding things that can help mitigate the bad if it happens, but make things even better if they don't is smart. We are smart people, so we should act like it.