Mark Cuban Has Urgent Advice For What You Should Do About Social Security While You Still Have Time

Mark Cuban usually saves his strongest opinions for business, and lately he's been directing them at Social Security. He's questioned how well the program can handle the pressures ahead and has encouraged people to prepare for retirement with more than one source of income.

If you're about a decade away from claiming benefits, you still have time to put that advice to work, especially if you want to avoid living on just Social Security. Here's what he recommends doing while you still have the chance.

What Cuban is actually warning about

Social Security already faces financial pressure, with its retirement trust fund expected to run short in the early 2030s. Payroll taxes would keep benefits flowing after that point, though they may cover only part of what retirees are scheduled to receive unless Congress acts.

Cuban has also criticized changes that could make Social Security harder to access. When the Social Security Administration moved to reduce phone support and limit access to local offices, he called it a "back door way to cut SS benefits. Horrific."

He has raised concerns about AI and robots replacing workers, too, and has suggested a future "robot utilization tax." Fewer human workers could put added pressure on a program funded largely through payroll taxes.

That uncertainty makes his advice especially useful now. The more financial room you build before retirement, the less you may have to rely on Social Security later.

Make these your highest-earning years

Social Security bases your benefit on your 35 highest-earning years, adjusted for wage growth. Any years without earnings count as zeros, and stronger years later in your career can replace lower ones already on your record. At 52, you likely have 25 to 30 working years on your record, which means the next decade may still raise the average used to calculate your monthly benefit.

Cuban has long encouraged people to keep investing in their skills. In a Men's Health interview, he said, "Some of the best investments I ever made were investing in myself, first and foremost," adding that teaching himself new skills "has paid dividends for the rest of my life."

He has also urged workers to keep learning because "most people don't put in the time to keep up and learn."

Learning a valuable skill or moving into a better-paying role could increase your income now and replace a weaker year in your Social Security record, giving you a stronger paycheck today and a potentially larger monthly benefit later.

Clear high-interest debt before you file

Mark Cuban has often described paying off high-interest debt as "the best investment you can make." Credit card balances, in particular, can become expensive to carry, making it harder to save for retirement or build financial breathing room.

If retirement is still several years away, paying down that debt now can leave you with more flexibility later. A monthly Social Security check can go much further when it isn't helping cover interest charges, and entering retirement debt-free means you won't feel pressured to claim early just to cover what you owe.

Delay claiming if you can afford to wait

Claiming Social Security at 62 permanently reduces your monthly benefit. Someone eligible for $2,000 a month at their full retirement age of 67 would receive about $1,400 by claiming at 62. Waiting past 67 increases the benefit through delayed retirement credits, raising that same monthly check to about $2,480 at age 70.

Mark Cuban hasn't offered specific advice about when to claim Social Security, but one of his best-known investing principles fits the decision well. "When you don't know what to do, do nothing," he has said, first during a market panic and again years later when asked for his best financial guidance.

If you're thinking about claiming early because you're worried about Social Security's future, giving yourself more time can help you make that decision with better information while your benefit continues to grow.

Build income that doesn't depend on Congress

Cuban has often encouraged everyday investors to keep things simple with a low-cost index fund and steady contributions over time. If retirement is still 10 to 15 years away, adding money to a 401(k) or IRA can help you build another source of income alongside Social Security.

He has also said everyone needs "at least six months' income" in cash reserves. That reserve can cover unexpected expenses near retirement and give your investments more time to recover during a market downturn.

Retirement investments and a cash reserve can give you financial resources outside Social Security, reducing how much your plan depends on future decisions by Congress.

Bottom line

Social Security can still play an important role in your retirement, and Mark Cuban's advice is to give yourself another way to cover your expenses.

If retirement is still about a decade away, you have time to build your savings and reduce expensive debt. That can help you avoid money mistakes that become much harder to fix once you've stopped working.