Key Insights from 24/7 Wall St. A larger Social Security benefit takes the pressure off your savings. Think about your desired retirement lifestyle and plan for one-off expenses. Use a time-tested withdrawal rate to figure out what nest egg to aim for.

Social Security is not a retirement fund—it's a transfer program, taking income from the payrolls of current workers and giving it to retirees. Generally, these retirees are already wealthier than the workers subsidizing them.