"The Social Security Administration continues to report the good news of improved response times by phone and greater utilization of online services," Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek.

Reverse mortgages: Homeowners 62 and older can use a reverse mortgage to tap into their home equity while continuing to live in the house (and without adding monthly payment obligations to their budgets). This can provide a steady stream of income to offset smaller Social Security payments.

The second wave of Social Security payments go out Wednesday. Those who receive SSI benefits will get two checks in August due to the timing of the Labor Day holiday.