This is critical for 'thriving' in retirement, personal finance expert says

Living out your golden years should not be a struggle.

"The Ramsey Show" co-host Jade Warshaw revealed the key to "thriving, not just surviving," in your later years in an interview with "The Big Money Show" Monday.

"It's so important to make sure that you're planning for your own social security by investing on your own," she stressed.

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The expert hit on the need for diversification for investing in the markets and the utilization of other retirement benefits to maximize financial security in retirement.

"We suggest investing 15 percent of your gross monthly income into things like 401(k)s, Roth IRAs, because Social Security is only going to pay 40 percent of what you're used to earning, and that's if it's still around," she said.

Social Security benefits for Americans could be cut by 20% as soon as 2034 if no changes are made to the system, according to the Treasury's annual trustees report.

A growing number of Americans are struggling to save for their future, with Forbes reporting the median U.S. household is $470,000 short of what they need to retire comfortably.

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Warshaw suggested those who have reached 62 years of age should begin taking Social Security, even if they don't need it, and invest it until they do.

"That will get you a better rate of return, certainly higher than 2%," she explained. 

FOX Business' Kristen Altus contributed to this report.