In many ways, retiring as a married couple is easier than retiring as a single person. You have someone to split expenses with, spend time with, and, if needed, rely on for caregiving.

On the other hand, retiring as a couple means having to take each other's needs into consideration. So it's important to plan for that milestone together. Here are a few key moves to pave the way for a retirement you and your spouse are both happy with.

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1. Decide what lifestyle you want

The lifestyle you intend to lead in retirement will help determine how much money you'll need. It's important to have those conversations ahead of retirement to get on the same page.

It may be that you're content with a low-key lifestyle, while your spouse is hoping to ramp up on travel. Your vision might cost a lot less than your spouse's, so you may need to come to a compromise.

It's also important to talk about how you'll spend your days. If your spouse envisions you moving to a senior community and participating in group activities, but you're not that social, it's an issue you'll want to get ahead of. And if you think it's a good idea to work part-time, but your spouse doesn't want either of you tethered to a job, that's something to discuss, too.

2. Figure out when to claim Social Security

There's a good chance Social Security will end up becoming an important income source for you in retirement. So it's important to work together with your spouse to figure out a filing strategy.

What you may want to do is have the higher earner of the two of you delay Social Security past full retirement age for larger monthly benefits, while the lower earner files for benefits sooner. This way, you have some income coming your way, but you're also snagging a nice boost on your larger check.

There are other strategies you can use, too. The key is to coordinate and run the numbers together.

In doing so, also be mindful of survivor benefits. If the lower earner is expected to outlive the higher earner by many years, that's another reason for the higher earner to consider a delayed Social Security claim.

3. Prioritize savings while you're still working

If you end up getting most of your retirement income from Social Security, you may not have the most flexibility in what you can spend. A better bet is to make sure you're bringing a nice-sized nest egg into retirement.

As retirement nears, take a look at your savings and decide together whether you're happy with the amount you've accumulated. If the answer is no, you can spend the tail end of your career prioritizing 401(k) or IRA contributions so you're able to eke out a little more income for your post-working years.

Retirement is something you and your spouse should approach as a team. Ultimately, the ticket to a rewarding retirement could boil down to good communication and open discussions. Have those talks and do all the necessary number crunching together so you're both able to head into your senior years with more confidence.

The $23,760 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.

One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these strategies.

View the "Social Security secrets" »

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You'll often hear that it's best not to retire on Social Security alone, but rather, to have additional income streams at your disposal. And you have several options in that regard.

If you manage to save well for retirement, you can tap your nest egg for money as needed. You might also own stocks, bonds, and other assets that pay you on a regular basis.

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Plus, you might choose to hold down a job for extra cash. On top of the added money, a job might be a great way to anchor your days.

Another option for generating retirement income is to purchase a rental property. And you may like the idea of getting to collect a check from a tenant every month. But before you decide that owning a rental property in retirement is the right move, consider the drawbacks.

The upside of owning a rental property

A rental property could be a great way to diversify your income streams later in life. We don't know if Social Security will end up cutting benefits. If it does, those monthly checks of yours could be whittled down.

It's also a pretty common thing for the stock market to experience bouts of volatility. That could affect your retirement income, depending on how much money you keep in the market.

The nice thing about owning a rental property is that you'll have an income stream to fall back on that may not be impacted by stock market movement. And remember, even in the worst of economic times, people still need housing. So while you're not guaranteed to have your rental occupied each month, if you buy in the right location, you may find that the income is steady.

Plus, if you get tired of being a landlord, you could always look at selling your rental. Under the right circumstances, you could walk away with a nice profit.

The downside of owning a rental property

Before you get your mind set on owning a rental property in retirement, understand the risks involved. It's true that your rental might provide steady income. But if you struggle to get a tenant, it could end up being an expense rather than an income source.

Also, when you own physical real estate, you take on all of the risks that come with it, from insurance premium hikes to property tax increases to repairs. You may not want to take on that risk at a time when you're no longer bringing home a paycheck from a job.

Furthermore, you might think retirement is a great time to own a rental property because you'll have time to manage it. But some of the work may be more than you've bargained for, especially if you have needy tenants or tricky maintenance. And if you can't maintain your rental on your own, you'll incur expenses to have someone else do it.

Should you buy a rental property for retirement income?

It's certainly not a bad idea to include a rental property in your retirement income plans -- as long as you understand the risks you're taking on. If you're having second thoughts but like the idea of investing in real estate for retirement income, you could consider REITs, or real estate investment trusts, instead.

REITs are similar to stocks in that you buy shares you house in your portfolio. The value of those shares can rise and fall, but a big benefit of REITs is that they're required to pay out at least 90% of their taxable income as dividends. So if a goal of yours is to secure steady retirement income, you may find that REITs are able to do the trick just like a rental property would -- only without all of the extra work and hassle.

The $23,760 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.

One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these strategies.

View the "Social Security secrets" »

The Motley Fool has a disclosure policy.

There's a reason Social Security is such a big part of so many people's retirement planning. Those benefits could end up being a critical source of income for you later in life.

In a recent survey by the Employee Benefit Research Institute, 87% of workers today expect to rely on Social Security for income in retirement. And among current retirees, 94% identify it as a key income source.

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But while it's perfectly OK to count on Social Security as a source of retirement income, you don't want to depend on those benefits too heavily. Doing so could upend your plans -- and cause you a world of financial stress.

Are you setting yourself up to be too reliant on Social Security?

If you work and pay into Social Security your entire career, there's a good chance you'll qualify for benefits once you retire. And while that's money you can count on to some degree (keeping in mind that Social Security cuts are still on the table), you don't want to rely on it too heavily.

So, how do you know if you're going overboard? It's simple. If you expect Social Security to constitute the bulk of your retirement income, you're potentially making a mistake. If you think Social Security will provide all your retirement income, you're making an unquestionably huge mistake.

In a best-case scenario -- meaning, if Social Security cuts don't come to be -- you can expect your monthly benefits to take the place of 40% of your wages. This assumes you earn an average paycheck and aren't a particularly high earner.

Most seniors inevitably need about 70% to 80% of their former income to live comfortably once they stop working. And while there's certainly some wiggle room with this formula on either side, for the most part, living on 40% of what you used to earn won't make for a very enjoyable existence.

Granted, if you're someone who earns $100,000 a year and routinely lives on $40,000 a year, you're the exception. (And hey, congratulations for mastering the art of living below your means.)

But it's a common thing to spend the bulk of your paycheck while you're working. If that's something you tend to do, then you can't let yourself retire on Social Security alone. And you shouldn't necessarily let those benefits constitute the majority of your retirement income, either.

Save for retirement so you have more flexibility later on

Once you retire, you don't want to be pinching pennies. Rather, you want the flexibility to enjoy life and cover your bills without worrying about every single expense.

If that's your goal, build savings to supplement your benefits so you can make sure you're not relying too heavily on Social Security. If you end up socking away enough money so that half of your retirement income is derived from Social Security and the remaining half comes from your individual retirement account (IRA) or 401(k) plan, you're probably in a good spot.

Just as importantly, get an estimate of your Social Security benefits well ahead of retirement so you can see what monthly payments you may be looking at, assuming broad cuts don't happen. You can get that information by creating an account on SSA.gov. The more you know what to expect from Social Security, the more efficiently you can map out your income needs and position yourself to meet them later on.

The $23,760 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.

One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these strategies.

View the "Social Security secrets" »

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As always, The Motley Fool cannot and does not provide personalized investing or financial advice. This information is for informational and educational purposes only and is not a substitute for professional financial advice. Always seek the guidance of a qualified financial advisor for any questions regarding your personal financial situation. If you'd like to submit your question for feedback, you can do so here."

One of the biggest income sources retirees have at their disposal today is Social Security. With an average retired worker benefit of $2,000 a month, it's clear that living on Social Security isn't ideal. But when combined with other income sources, those benefits can be a source of financial stability and lead to a comfortable retirement.

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The problem is that Social Security is facing its share of financial challenges. And as a result, many people are worried about Social Security going away completely.

A recent survey by the Employee Benefit Research Institute found that 87% of workers expect Social Security to provide them with retirement income. And so not surprisingly, when asked to identify their top retirement concerns, "changes that would reduce your Social Security retirement benefit" was the top worry among workers, with 60% expressing that fear.

In light of the program's financial woes, a 30-year-old Reddit poster recently posed an interesting Social Security question: Should I be saving for retirement like my Social Security won't exist? The poster is worried there won't be benefits for the program to pay by the time they retire.

Should I be saving for retirement like my social security won’t exist by then?
byu/hi_goodbye21 inpersonalfinance

It's a valid question to be asking. And it's not a bad idea to save for retirement as if Social Security won't exist. But that's not the reality this poster, or any worker today, is likely to face.

What's really happening with Social Security?

It's true that Social Security is facing a major financial crisis. In the coming years, baby boomers are expected to exit the workforce in droves. And they've earned the right to retire after putting in their time.

The problem is that Social Security gets the bulk of its revenue from payroll taxes. A shrinking labor force thanks to the mass exodus of baby boomers is expected to result in a revenue shortfall.

Social Security will be able to tap its trust funds as long as money remains to keep up with benefit payments. Once those trust funds run out of money, benefit cuts will be on the table.

That doesn't mean Social Security cuts are guaranteed. But it's not safe, financially speaking, to assume that benefits won't be reduced.

The most recent estimate from the Social Security Trustees has the program's combined trust funds running out of money in 2035. That time frame could change, of course. But unless lawmakers intervene, workers today may be looking at reduced benefits in the future.

To be clear, though, there's a big difference between Social Security cutting benefits and going away altogether. The Reddit poster seems convinced there won't be any Social Security for them when, in reality, today's workers could still end up getting the bulk of the benefits they're owed once they retire. But the poster's line of thinking also isn't terrible.

It's not a bad thing to save as if Social Security will be gone

Pushing yourself to save for retirement isn't an easy thing. It means you'll have to give something up – a nicer home, vacations, free time – to consistently fund an IRA or 401(k).

Some people have trouble motivating themselves to save independently for retirement. But if you don't save for retirement, you might end up in a dire financial situation even if Social Security isn't cut.

If you earn an average paycheck, you can expect Social Security to take the place of 40% of your pre-retirement wages. But most retirees need roughly 70% to 80% of their former income to live comfortably.

You may be able to get by on less with a frugal lifestyle. But all told, you should expect to need savings of your own to maintain your standard of living. So if telling yourself that Social Security won't be around is what lights a fire under you to prioritize your savings, that's not a terrible thing.

How much should you be saving? Experts say to set aside 15% to 20% of your income. If that's not doable, don't give up. Save less, but save consistently and invest strategically.

Socking away $300 a month in an IRA or 401(k) over 40 years could amount to almost $933,000 if your investments generate an annual 8% return, which is a notch below the stock market's average. A nest egg that large could supplement your Social Security checks nicely in retirement – no matter what they amount to.

Keep in mind that it's important to diversify your retirement investments so your portfolio can grow without being exposed to too much risk. If you have a 401(k), consider investing in S&P 500 index funds. With an IRA, a combination of S&P 500 funds and individual stocks across different market sectors could be a good bet.

All told, Social Security isn't in danger of disappearing so much as cutting benefits. And even those cuts aren't a given. But it's important to save on your own for retirement so you're able to cover your costs without worry. If telling yourself Social Security won't be around for you serves as motivation to save, so be it.

The $23,760 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.

One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these strategies.

View the "Social Security secrets" »

Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

There are a lot of rumors flying around about Social Security's finances -- and not all of them are true.

The idea that the program is going broke, for example, is a big misconception. Social Security can't go broke, due to the fact that it's funded by payroll taxes. So as long as there's an active labor network, Social Security gets to receive revenue.

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However, Social Security is facing a major revenue shortfall as baby boomers exit the workforce in droves in the coming years. The program is expected to have to rely on its trust funds to keep up with scheduled benefits until that money runs out.

Once Social Security's trust funds are emptied, benefit cuts may be unavoidable. That's something everyone needs to prepare for.

How bad might benefit cuts get?

It may be a bit premature to predict exactly how much benefits will shrink if Social Security were to implement cuts. There's still about a 10-year period until the program's trust funds are set to be depleted, and revenue projections could change during that time.

As of now, though, Social Security recipients may be looking at about a 21% reduction to their monthly benefits. That percentage could change for better or worse. But it's a number people should keep in mind in the course of retirement planning.

Don't let Social Security cuts wreck your retirement

A 21% reduction to your Social Security benefits, or something in that vicinity, could have a negative effect on your retirement finances. But if you make a commitment to save for retirement, you might manage to accumulate $1 million by the time your career comes to an end.

Start by funding your 401(k) or IRA from a young age -- if not at the time of your first paycheck, then at least during your 20s. Next, make a point to invest your retirement savings in the stock market, whether by adding different stocks to an IRA or choosing something like an S&P 500 index fund for your 401(k). Finally, do this consistently over many years, sit back, and wait for your money to grow.

Let's say you start contributing toward retirement at age 22 and you retire at 67, which is full retirement age for Social Security if you were born in 1960 or later. If you put $220 a month into a retirement account and your investments give you an 8% yearly return, which is a bit below the stock market's average, you'll end up with just over $1 million.

If you don't manage to start saving at such a young age, you'll have to contribute more money each month to reach that same number. The point, however, is that it can be done without parting with half of your salary or being a ridiculously high earner.

Social Security's future is still unknown, and benefit cuts are not guaranteed to happen. But it's important to have a means of supplementing your benefits nicely in case they do. Saving and investing consistently could be your ticket to retiring without financial worries.

The $22,924 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.

One easy trick could pay you as much as $22,924 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these strategies.

View the "Social Security secrets" »

The Motley Fool has a disclosure policy.

A program as important as Social Security is apt to work its way into the news somewhat often. And sometimes, that news just isn't positive.

Social Security has been in the news a lot lately in the context of procedure changes and potential office closures. But current events aside, the program's financial situation is often talked about, simply because it's pretty dire.

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In the coming years, Social Security expects its financial obligations to exceed the revenue it's able to bring in. This will put pressure on the program's limited trust funds and force Social Security to dip in to them to cover benefit payments.

Once Social Security's trust funds run out, the program may have no choice but to start cutting benefits. And that's not ideal.

Still, there's a lot of talk about Social Security going broke. And it's important to recognize that benefit cuts are not at all the same thing as the program running out of money completely.

But you might actually want to tell yourself that Social Security is going broke -- not because that's true, but because it might motivate you to get more serious about building retirement savings.

Why Social Security isn't a great fallback option

If Social Security cuts benefits, monthly payments could be reduced by about 20%. But even if benefit cuts don't happen, there's only so much money Social Security will pay you every month.

Many seniors make the mistake of trying to live mostly on Social Security. And that's not a trap you want to fall into.

Even without cuts, those benefits probably won't replace more than 40% of the salary you're used to making. And while some of your expenses could decline in retirement, you might have a very difficult time getting by on a 60% pay cut, even with a pared-down lifestyle.

So if you've been neglecting your long-term savings, you may want to pretend that Social Security is, indeed, running out of money. That should light a fire in you to start pumping more money in your 401(k) or IRA.

Small savings contributions can add up over time

A big reason so many retirees wind up heavily reliant on Social Security is that it's not an easy thing to build savings. But with a long savings window, you can turn a bunch of smaller retirement plan contributions into a lot of money.

Say you're only able to contribute $250 a month to your retirement savings, but you do over a 35-year period. If your portfolio delivers an 8% yearly return, which is a bit below the stock market's average, you'll end up with a little more than $500,000.

There's no need to stress about Social Security disappearing, despite the things you might read. But it's also not a bad idea to tell yourself that the program is going broke if that's what it takes to push yourself on the savings front. And the more money you save, the less you'll have to worry about Social Security benefit cuts if those become a reality.

The $22,924 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.

One easy trick could pay you as much as $22,924 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these strategies.

View the "Social Security secrets" »

The Motley Fool has a disclosure policy.

It's optimal for retirees to have multiple income streams to rely on, as opposed to a single source. Although a good number of seniors have only their Social Security benefits to live on, a better bet is to have a combination of those monthly benefits and savings at the very least. And the more income sources you have layered on top of that, the better.

For many seniors, part-time work serves as a means of boosting retirement income. And if you're newly retired with minimal savings, and living mostly on Social Security isn't workable, then you may be eager to supplement your income with earnings from a job.

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This is a strategy that's normally quite feasible. But it's one you might struggle with in the near term for one key reason.

Is the U.S. economy headed for a downturn?

Ever since tariff announcements in early April sent the stock market on a downward spiral, experts have been cautioning about the potential for a broad economic slowdown during the second half of 2025. And that's something workers and retirees alike should be mindful of.

Granted, we don't seem to be on the cusp of a recession just yet. In April, the U.S. economy added 177,000 jobs, beating experts' estimates. And the unemployment rate remains fairly low at 4.2%.

Still, once tariff policies really take hold, economic conditions have the potential to deteriorate. And that means a recession can't be written off.

Here's how that might tie into your retirement income. First, although it's not a given that a recession will send stock values tumbling, it could happen. Ideally, you're sitting on a balanced portfolio that's not too heavily concentrated in stocks. But now's a good time to check and make sure that's the case.

A recession could also lead to broad job loss. And that means the popular strategy of working to supplement your retirement income may not be available to you.

If you're holding down a part-time job, or plan to, you may have a tough time if economic conditions worsen. Employers may be quick to lay off part-time staff so that full-timers can stay on board.

The gig economy could also suffer during a recession. If money is tight, consumers may be less likely to spend it on rideshares, food delivery, or other gigs you may be pursuing for extra income.

How to prepare for a recession

It's not a given that there will be a recession this year. And even if there is, there's no saying how long it will last and to what extent it will affect your ability to hold down a job in retirement.

But it's important to plan for that possibility, just in case. And so one thing you may want to do, if possible, is increase your hours now and bank a little extra savings in case you're not able to work as much as you want to, or at all, later on in the year.

It's also a good time to assess your spending and see about cutting back. This is especially important if you hardly have any money saved and Social Security is your main income source.

Trimming some expenses could make it easier to absorb a hit to your income. It also affords you the opportunity to add to your savings in case you need to rely on those funds more heavily in the absence of being able to work.

The $22,924 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.

One easy trick could pay you as much as $22,924 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these strategies.

View the "Social Security secrets" »

The Motley Fool has a disclosure policy.

A lot of people don't manage to save much money for retirement and end up heavily reliant on Social Security. And I feel for folks in that boat.

It's not easy getting by on those benefits alone. So a far better bet is to try to bring a generous nest egg into retirement so you have more flexibility to enjoy that stage of life.

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But saving for retirement isn't enough. It's just as important to manage your savings wisely. And in that regard, there's a big trap far too many retirees fall into.

Are you managing your savings strategically?

Many people assume that the 4% rule is the most effective retirement withdrawal strategy for them to use. The rule states that if you withdraw 4% of your savings your first year of retirement and adjust future withdrawals to account for inflation, your nest egg has a very good chance of lasting for 30 years.

But there are big problems with this approach you should know about if you're thinking of using the 4% rule to manage the nest egg you've worked hard to build.

First, the rule makes assumptions about your investment mix. If it's not fairly evenly split between stock and bonds, your calculations are going to be thrown off. A more conservative portfolio, for example, probably won't generate enough income to support a 4% withdrawal rate.

The rule also makes assumptions about your retirement age. If you're ending your career at age 59 1/2, which is when you become eligible to tap a 401(k) or IRA without risking an early withdrawal penalty, you might need your savings to last more than 30 years. That means a 4% withdrawal rate may be too aggressive.

On the flipside, some people intentionally try to retire later in life -- either because they love working, want to save more money, or want the option to delay Social Security until age 70 for the highest possible monthly paycheck they can get.

If you're retiring at 70 or beyond, though, then you may not need your savings to last 30 years. And in that case, sticking to a 4% withdrawal rate could mean denying yourself the option to spend more freely when that possibility very much exists.

A custom plan is a far better bet

The reason the 4% rule has become so popular is that it's easy to adopt. Why run your own scenarios and do your own research when you could follow a well-established set of guidelines?

But there's a very good chance the 4% rule won't work for your retirement savings for one reason or another. So rather than set your mind on it, do your own calculations. Or, hire a financial advisor to help you come up with a suitable strategy based on your individual circumstances.

You may come to the conclusion that a 4% withdrawal rate is, indeed, optimal for your nest egg. But that's a decision you should get to on your own rather than follow a broad rule of thumb.

The $22,924 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.

One easy trick could pay you as much as $22,924 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these strategies.

View the "Social Security secrets" »

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Years ago, it was common for people to work for the same company for decades, retire eventually, and collect a pension that gave them guaranteed income for the rest of their lives. Those days are long gone, though, at least within the private sector.

Now, pensions are a rarity, and most people who want retirement income outside of Social Security have to save it up themselves. That's easier said than done, given how much money it costs to function comfortably in society.

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For this reason, a lot of workers today risk entering retirement with almost non-existent nest eggs. Many current retirees are living on little to no savings, too.

For people in this boat, Social Security benefits are crucial. And millions of older Americans rely on those benefits today to stay afloat.

Unfortunately, though, Social Security is facing the real possibility of benefit cuts -- and those cuts may be coming sooner than you'd expect.

Why Social Security is looking at benefit cuts

You've probably heard that Social Security may have to cut benefits. But if you want to know the reason why, it boils down to a funding shortfall.

Social Security's main funding source is payroll taxes. But as baby boomers exit the workforce, that revenue source is going to shrink. At the same time, boomers will inevitably start claiming the Social Security benefits they're entitled to, putting a strain on the system.

Social Security has trust funds it can tap to keep up with its financial obligations as its revenue shrinks. But once those trust funds run out of money, Social Security may have to cut benefits in the absence of adequate funding.

The clock is ticking down

The Social Security Trustees put out a report every year that shares details of Social Security's finances. In its most recent report, it said that Social Security's combined trust funds are likely to be depleted in 2035.

Based on that information, current recipients could be looking at benefit cuts in about a decade from now, and future recipients may not get their Social Security benefits in full.

It's not a given that Social Security benefits will be broadly reduced. Lawmakers do have options to try to prevent that unwanted scenario. The problem is that each potential solution to benefit cuts introduces its own set of drawbacks.

Some lawmakers, for example, have proposed raising taxes to pump more money into Social Security. But the problem there is obvious.

Many working Americans are already struggling to make ends meet. Burdening them with additional taxes doesn't sound like a great thing to do.

Other lawmakers, meanwhile, have proposed raising full retirement age, which is when workers can get their Social Security benefits without a reduction. That age is currently 67 for anyone born in or after 1960.

The problem with pushing that age back, though, is that it effectively forces workers into a longer retirement -- when that's even an option. As it is, some people struggle to stay in the labor force until 67 due to health issues or age discrimination. Delaying full retirement age only compounds these issues.

For this reason, it's important to prepare for Social Security cuts, even though they aren't set in stone. For current retirees, that could mean cutting spending and turning to the gig economy or part-time work for income. For current workers, it means prioritizing savings, despite that being a tough thing to do.

But no matter which category you fall into, the time to start getting ready for Social Security cuts is now.

The $22,924 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.

One easy trick could pay you as much as $22,924 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these strategies.

View the "Social Security secrets" »

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The past few weeks have been a rollercoaster ride for investors. Stock values have plunged, causing many people to panic. And with a lot of economic uncertainty ahead, there's no telling how long it will take the market to recover from its recent fall.

You may be worried about the impact of recent stock market volatility on your retirement savings -- to the point where you're questioning whether your nest egg belongs in the stock market at all. It's an important question to be asking, and here's how to navigate it.

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When retirement is far away

It can be unsettling to see the value of your stock portfolio take a dive following a market downturn. But if you're many years away from retirement, there's really no reason to let the events of the past few weeks rattle you.

This recent bout of stock market volatility is not the first of its kind. But when you have time to ride out a storm, there's less to worry about.

Furthermore, if you're tempted to pull your retirement savings out of the stock market, don't. You need stocks in your portfolio to lend to steady growth through the years. And if you invest your retirement savings too conservatively because you're scared about market turbulence, you'll risk ending up with an income shortfall on your hands.

You should know, in fact, that if you're many years away from retirement, now is not only a good time to stay invested in the stock market, but to potentially buy more stocks when they're on sale. Before you add stocks to your portfolio, though, take a close look at its composition. You don't want to overload on one particular market segment, so be careful with the stocks you choose to buy.

When retirement is near

The advice to sit back, relax, and wait things out isn't necessarily applicable to you if you're a year away from retirement and your portfolio has just taken a massive hit. In that case, it's important to review your asset allocation immediately and make changes as necessary to ensure that you're not overly invested in stocks.

If you had 50% of your portfolio or less invested in the stock market before things took a negative turn, then you may not be sitting on such drastic losses now -- which means you may be just fine to move forward with your original retirement plans. If not, you may need to be willing to adjust your plans to account for recent portfolio changes.

Furthermore, if you're already pretty invested in stocks, you may not want to add new ones to your portfolio, despite the fact that stocks are on sale. A better bet may be to put new money into bonds, which are more stable and can generate income for your portfolio.

Although stock market volatility is nothing new, it can still be a daunting thing to deal with. And after the events of the past few weeks, you may be thinking of pulling out of the stock market for good. But if your investing strategy was a solid one from the start, then there's no need to abandon it just because the market is going through a rough patch.

The $22,924 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.

One easy trick could pay you as much as $22,924 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these strategies.

View the "Social Security secrets" »

The Motley Fool has a disclosure policy.