Missed Nvidia in 2009? This Rare Signal Is Flashing Again.\u00a0In 2009, a “Double Down” signal flashed for a little-known chipmaker called Nvidia.\u00a0For the first time in years, that same “Total Conviction” signal is flashing for a company 1\/100th the size of Nvidia.\u00a0Continue \u00bb<\/a> <\/p>\n That’s why it’s important to prepare for Social Security cuts, even though they aren’t set in stone. <\/p>\n Can your retirement plan survive a 22% benefit cut? <\/p>\n If you’re saving well for retirement<\/a> and only expect Social Security to cover a portion of your monthly expenses, then a 22% reduction in benefits may not be catastrophic. But you’re planning to get most or all of your retirement income from Social Security, a 22% cut could drastically change your financial picture. <\/p>\n That’s why it’s important to prepare for Social Security cuts. And the best way to do so is to boost your savings. <\/p>\n Of course, boosting savings starts with spending mindfully. Set up a budget to see where your money is going each month, and look for ways to reduce spending. <\/p>\n And don’t underestimate the power of modestly boosting your savings rate. If you’re currently contributing $200 a month to an IRA or 401(k), increasing that amount to $250 a month could make a big difference over time. <\/p>\n Even if you don’t have any money saved for retirement yet, if you prioritize your IRA or 401(k) immediately, you may be able to accumulate a large enough balance to make up for Social Security cuts. <\/p>\n Let’s say you’re 37, which means your full retirement age for Social Security is 67. That’s when you can collect your benefits without a reduction for filing early. <\/p>\n If you save $250 a month between now and then, and your portfolio gives you a yearly 8% return, which is just below the stock market’s average, you could end up with about $340,000 by the time your career comes to an end. You can then use that money to supplement your Social Security checks. <\/p>\n Don’t panic, but plan for the worst <\/p>\n Social Security has faced a financial crunch before, and lawmakers have never allowed the program to cut benefits. There’s a good chance they’ll be able to prevent Social Security cuts this time around, too. But that’s not something to bank on. <\/p>\n You don’t need to panic, but you do need to prepare for Social Security cuts in case they’re unavoidable this time around. And if you have a good number of years until you’re set to retire, you have a prime opportunity to make up for smaller Social Security checks if that becomes reality. <\/p>\n The\u00a0$23,760\u00a0Social Security bonus most retirees completely overlook <\/p>\n If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known\u00a0“Social Security secrets”<\/a> could help ensure a boost in your retirement income. For example: 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. <\/p>\n Many Americans leave money on the table in retirement. Learn more about these retirement strategies and more, available when you join Stock Advisor. <\/p>\n View the “Social Security secrets” \u00bb<\/a> <\/p>\n The Motley Fool has a disclosure policy<\/a>. <\/p>\n<\/a> Image source: Getty Images. <\/p>\n