4 Ways To Plan For Retirement Without Social Security

With the presidential election not far away, the future of Social Security is on many Americans’ minds. As it stands, though, many people are pessimistic about the chances of Social Security being available to them in the future.

In fact, 57% of Americans worry they won’t have access to Social Security throughout their retirement, according to an Allianz Life survey .

Granted, there are many ways that Social Security could be shored up for better long-term solvency, like raising taxes on high-income earners, increasing the retirement age or reducing benefits. However, some Americans might feel more comfortable planning for retirement assuming that Social Security won’t be in the picture, and if they do end up getting the benefits, that’ll just be a bonus.

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With that in mind, here are four ways to plan for retirement without Social Security.

Also see five Social Security facts soon-to-be retirees must know .

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Take Advantage of Retirement Accounts

One of the best ways to plan for retirement on your own is to take advantage of retirement accounts. If you have access through your employer, you could utilize a 401(k). Or you could set up your own retirement account, like an IRA. The benefit of these accounts is that you can typically save a lot of money on taxes — either upfront with traditional accounts or in retirement with Roth accounts.

Within these accounts, it’s important to not just deposit money but also put those funds into investments that can help your retirement portfolio grow. If you’re not sure what to invest in, a common option is to choose a target-date fund that invests in a variety of assets for you based on your expected retirement age. Or you might see if your retirement plan sponsor or administrator offers any online tools or coaching sessions that can help you decide how much to invest and where.

Note that different retirement accounts have different eligibility requirements and maximum contribution amounts. And keep in mind that there’s not necessarily one best account. Many could be a good fit, but it depends on your situation.

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Use a Retirement Calculator

If you don’t have access to retirement planning tools through an employer, a simple strategy is to use a retirement calculator . Most let you plug in variables like your current age, expected retirement age and desired retirement income to determine how much you need to invest to get there.

These calculators can put you on track toward determining what your retirement planning needs look like if you’re not counting on any Social Security income.

Think About Where You Want To Live

Another aspect of retirement planning is thinking about where you want to live. If you’re not counting on Social Security, that might lower your expected retirement income, which could make living in your current home difficult.

So you might start to consider different areas to live in. For example, some Americans retire abroad to low-cost areas where they can enjoy a more luxurious lifestyle on a budget. Or if you decide you do want to live in your current area, that might prompt you to find ways to increase your retirement plan contributions.

Speak With a Financial Advisor

Lastly, consider speaking with a financial advisor if you’re unsure how to plan for retirement without Social Security. While 60% of Americans say they would like to talk to a financial professional about their concerns around Social Security being available to them, only 22% have done so, according to Allianz Life.

Yet the cost of doing so can easily be worth it if it leads to decisions that reduce stress and possibly increase your long-term retirement portfolio gains. For example, an advisor might help you identify appropriate investments for your age and risk tolerance, as well as suggest ways to minimize taxes, going deeper than what many online tools offer.

Overall, planning for retirement without Social Security is doable, even though it would be helpful to many Americans to have this retirement income stream. But since no one knows what the future holds for certain, it can be helpful to plan for a worst-case scenario in which Social Security isn’t available.

This article originally appeared on GOBankingRates.com : 4 Ways To Plan For Retirement Without Social Security