At this point, it's a pretty well-known point that Social Security cuts may be on the table. And even if lawmakers manage to prevent them, the reality is that retiring on Social Security alone is far from ideal.

Without benefit cuts, Social Security will replace about 40% of your income, assuming you earn an average wage. Most seniors need about twice that much income to maintain a comfortable lifestyle while also keeping up with their bills, from housing to healthcare to everything in between.

That's why it's so important to consistently fund a retirement savings plan while you're working. But recent data from Bank of America finds that 26% of 401(k) plan participants contribute 3% of their salaries or less to their long-term savings. And if you're part of that statistic, you may want to rethink your approach to building a nest egg.

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Source Fool.com