Over the next decade Social Security will most likely some potentially dramatic changes. These changes will effect many Baby Boomers. What Baby Boomers need to do is prepare for worst case scenario or at least a bad case scenario when it comes to Social Security.

Here are several changes that probably will happen or at least should happen. One, is an increase in retirement age when you can receive early and full retirement benefits. Right now everyone can retire at age 62 and start to receive a reduced benefit. This age could change in the future.

A second change is a reduction in monthly benefits. Reducing benefits is something that could hurt a lot of Baby Boomers. A typical Social Security check today is about $1,700 a month for someone who worked full time for 40 years or more. With that example the Social Security check could be reduced to $1,500 a month.

A final change would be the amount of taxes that comes from people still working to help pay for the benefits. This one would effect everyone, regardless of age. An increase in Social Security tax would include your 16 year son working at McDonald's to 61 year old father working at manufacturing plant.

Now these three changes are probably only a few that are currently being considered.

Now the important question is: What can I, a Baby Boomer do?

Start fully funding a Roth IRA and your 401k. Take charge of your own retirement and if theses changes do take place at least you already have a Plan B. Plan A may have been to work hard at job you like, pay down your bills, save some money and finally depend on Social Security for a bulk of your retirement income.

Well today I don't think that is good formula. Most of Plan A still works like getting a good job and paying down bills. The part saving part needs to be ramped up. Remember you are in charge of when and how you live your retirement years. Take advantage of the Roth IRA and its tax-free withdrawals. Use your work 401k plan, especially if you receive a match from your employer.

Another change you may have to make is to work a couple more years and save most of that money. Many people think having a mortgage during retirement is good because you get a mortgage interest deduction on your taxes.

Let me ask you this: Would you like to have an extra $800 to $1,200 in your budget or a tax deduction? I'm sure that $800 looks better in your bank account than in the banks account.

The point of this article is to be prepared for any changes that may occur in the future and not to be caught off guard.

Author's Bio: 

Teddy "Dutch" Danfield has been working in the finance related field for over 15 years. My goal is to assist and help Baby Boomers retire successfully. I to want to provide ideas and strategies they can implement into their own personal financial plan.

You can find additional articles and strategies at my website http://www.retirementsavingstoday.com