Social Security has been in the news a lot lately -- but not necessarily for a great reason. According to the program's Trustees, Social Security's Old-Age and Survivors Insurance (OASI) Trust Fund will be out of money by the fourth quarter of 2032.

Once the OASI Trust Fund runs dry, Social Security can still pay retirement benefits. That's because the program's main source of funding is payroll tax revenue.

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However, Social Security may have to cut benefits by an estimated 22% if lawmakers don't manage to find a way to shore up the program's finances. For retirees who get most or all of their income from Social Security, a cut that size could be catastrophic.

It's worth noting that Social Security has faced financial challenges in the past, and the program has never been forced to cut benefits. So there's a good chance Congress will step in and find a solution to prevent broad cuts this time around.

But that's not something I'm banking on -- not when my retirement is on the line. Instead, I'm taking matters into my own hands.

I'm not building a retirement income plan around Social Security

The main way I'm addressing potential Social Security cuts is by saving for retirement on my own, so I have a large enough nest egg to cover my essential needs in full. In other words, I'm planning to use Social Security as a secondary source of income for "fun money."

The hard part of my plan? I have to push myself to save a lot. The upside? I don't have to stress about Social Security cuts.

If I'm only using Social Security for extras, not essentials, a benefit cut still stings. But if it doesn't stop me from paying my property tax bill, buying food, and covering prescription costs, it's a lot less stressful.

To put it another way, I'll be bummed if my travel and leisure budget is cut because Social Security can't pay me the full benefit I'm entitled to. But there's a big difference between not being able to travel as much and not being able to afford to eat.

I'm also planning to work in some capacity in retirement, not because I'm worried about Social Security cuts, but because I think I'd be really bored in the absence of a job. But that plan builds in another layer of protection in case Social Security cuts actually happen.

It could pay to plan for the worst

I'm the type of person who tries not to be too negative. So when I read about potential Social Security cuts, I try to remind myself there's a good chance they won't happen.

Still, counting on Social Security in full is risky right now, in my book. There may be greater clarity on the matter in the coming years as the trust fund depletion date approaches. But until I know more, I'm operating under the assumption that I need a backup plan. And you may want to devise a similar one in case you don't end up collecting your Social Security benefits in full.

And even if Social Security benefits aren't cut at all, those monthly checks are only meant to replace about 40% of your preretirement income. Most seniors need around 70% to 80% of their former income to maintain a comfortable lifestyle.

So even if Congress announces reforms designed to prevent Social Security cuts, don't see that as a license not to save for retirement or to come up with other sources of supplemental income. You shouldn't plan to retire on Social Security alone, even if your benefits come in fully.