According to the 2010 trustees report from the Social Security Administration, Social Security reserves will run out in 2037. Projected tax income should be able to cover 75 percent of benefits through 2084. The best-case scenario for younger generations of Americans, with no action from Congress, is 75 percent of their scheduled benefits.

That will be far from adequate to cover living and health care expenses. Today, full Social Security benefits barely allow seniors to surpass the poverty line. The average monthly benefit for retirees is $1,172, according to the Social Security Administration.

"People believe that their lifestyles will change significantly in retirement. And study after study has shown that it does not. Many planners say that people will need 70 (percent) to 80 percent of their working income as retirees. I'm up there closer to 100 percent," says Hirshman.

As the maximum Social Security payout is $2,300 per month, it's likely that savings will have to make up a large portion of your future retirement income.