I Have a Very Specific Plan for Social Security in Retirement. Here's What It Looks Like.

It's a pretty well-known fact that Social Security serves as a critical source of income for millions of retired Americans today. Whether that's a good thing is a different story.

It's not problematic to have Social Security be one of several retirement income streams. The issue is that for a lot of people, those benefits constitute the bulk of their retirement income.

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Worse yet, some retirees have no income available to them at all outside of Social Security. And it's people in this boat who could end up in a dire financial situation in the event that Social Security is forced to cut benefits down the line.

But I have a very specific plan for how Social Security might factor into my retirement income. And while it's a plan that requires a lot of effort to pull off, it's worth the sacrifice.

The role I expect Social Security to play

Given that I'm not close to retirement age, I have a hard time knowing what monthly income to expect from Social Security. Sure, I can get an estimate online, but there's a limit to how accurate it might be.

To be clear, though, I'm not writing off Social Security for my retirement. I'm well aware that the worst-case scenario on the table right now is benefit cuts -- not benefits disappearing completely.

But even if benefits aren't broadly reduced, I don't expect my Social Security checks to go very far in retirement. And that's why my plan is not to count on them.

The way I see Social Security fitting into my retirement finances is using those benefits as a source of extra money. But if I have it my way, they won't be a meaningful source of retirement income.

Ideally, I'd love to be able to cover all of my needs on my savings alone. That way, anything Social Security pays me is just extra. And it also means I don't have to concern myself with Social Security cuts.

Making my plan reality

To be able to get by in retirement without any real reliance on Social Security, I'm well aware that I'll need a nice amount of savings. That's why I've long prioritized 401(k) plan contributions.

Each month, I take a "pay yourself first" approach. I automate savings before I spend my income so I'm able to stay on track as far as my goals are concerned. I also spend my money carefully in general, keeping larger expenses like housing as low as possible to ensure that there's flexibility for savings in my budget.

The way I see it, after working hard for decades and stressing about money on more occasions than I can count, I don't want to have to stress about money in retirement. Rather, I want to be able to feel secure in my ability to maintain a comfortable lifestyle.

Removing my dependence on Social Security helps achieve this goal. So I'm willing to work hard and give up different things in order to save and, hopefully, make my vision a reality.

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