Social Security is not going away. That's an important piece of information to put out there, because a lot of people are convinced that those benefits won't be around by the time their retirement rolls around.

That said, it's important to recognize that Social Security cuts are a likely scenario, albeit not a guaranteed one. In a recent interview, Social Security's chief actuary, Steve Goss, stated point blank that if the program's combined trust funds become depleted by 2034, benefits will likely be cut to the tune of about 20%.

Clearly, benefit cuts of any nature are far from ideal. But they may be happening. So if you're worried about how they might impact your retirement, here are some steps you can take to compensate.

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Source Fool.com