Social Security is a major source of retirement income for millions of retirees. For years, it was viewed as part of a “three-legged stool” of retirement planning, with the other two legs being pensions and personal savings. But times have changed since then, and many workers are struggling to save for retirement largely on their own.

Despite receiving Social Security benefits, 44% of retirees are considering returning to work, according to The Motley Fool’s recent survey of attitudes toward the Social Security cost-of-living adjustment (COLA). Here’s a closer look at why.

Social security was never intended to cover all your pension costs

As discussed above, the government designed Social Security to supplement personal savings and pensions. But today’s workers rarely receive pensions, and many struggle to make up the difference in personal savings. This makes them increasingly dependent on Social Security.

Social Security covers about 40% of pre-retirement income for average-income workers. If you need 80% of your pre-retirement income to cover your retirement expenses, you will have to provide half of the money yourself. People who cannot save enough in a retirement account can choose to go back to work.

The purchasing power of social security is decreasing

The purchasing power of Social Security has fallen 20% since 2010, according to The Senior Citizens League (TSCL). That means you now have to spend $1 to get what you could get with $0.80 14 years ago. That’s despite annual cost-of-living adjustments (COLAs), which are meant to keep benefits up with inflation.

To complicate matters, the gradual increase in average benefit checks puts more recipients at risk of having to pay Social Security benefits taxes each year. This would leave them with even less to cover their own expenses, making them more dependent on job income to make ends meet.

The future of social security is uncertain

The latest report from the Social Security Trustees predicts that the program’s trust funds will be exhausted by 2035, after which the program will be able to pay out only 83 percent of planned benefits.

It is likely that the government will step in and find a way to increase funding for the program before that happens. But we have no way of knowing what the solution will look like. So some retirees may prefer to return to work and a more predictable source of income.

What can you do?

Seniors have no control over the declining purchasing power of Social Security or trust funds, so returning to work is an option for those who are struggling to cover their retirement costs with their benefits alone. Those considering such a move should keep in mind that they don’t have to return to the type of work they’ve done their entire lives.

The story continues

You can choose something that is more in line with your interests and talents. It doesn’t have to pay as well as your past jobs. It just has to give you enough income to cover your basic expenses.

If you don’t want to give up too much of your free time, you might consider working part-time. Or you could find something remote, depending on your skills. This might be a good option for people who hope to travel in retirement, or for people who need to care for their family or have health issues that might limit their ability to work in person.

It may not be your ideal retirement, but it is a better option than running out of money. You also don’t have to work your entire retirement. Consider returning to work for a few years. If you can boost your savings enough, you may be able to return to a full retirement.

The $22,924 Social Security Bonus That Most Retirees Completely Overlook

If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” can help boost your retirement income. For example, one easy trick could save you $22,924 more… every year! Once you learn how to maximize your Social Security benefits, we think you can retire confidently with the peace of mind we all seek. Click here to learn how to learn more about these strategies.

View the “Secrets of Social Security” ›

The Motley Fool has a disclosure policy.

Social Security Is Supposed to Help People Retire. Why Are So Many Beneficiaries Thinking of Going Back to Work? was originally published by The Motley Fool