The recent political debate over Social Security has highlighted the need for retirement planning and changed the way people prepare for their financial future.

President George W. Bush and members of Congress are arguing about changes to the system.

In this climate, how should you plan?

Investment experts recommend putting away 7 percent to 10 percent of your income throughout your career.

"Then again, they also want to feel comfortable of how much they're putting away each year," investment analyst Jim Halsey told Call 4 Action reporter Meghan Jones. "If they put in too little, they're going to have to put in a lot more later in life."

Consumer Reports says people nearing retirement may want to delay it by two or three years to draw a higher monthly Social Security payment and reduce healthcare costs, if employer-sponsored medical coverage is available. They should also lessen expenses by paying off mortgages and credit card debt.

The amount of Social Security payment received by most people is roughly 40 percent of the income they received while working.

If you are close to retirement and have not saved much, consult with a financial adviser.