{"id":172327,"date":"2025-12-07T17:24:14","date_gmt":"2025-12-07T17:24:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/172327\/"},"modified":"2025-12-07T17:24:14","modified_gmt":"2025-12-07T17:24:14","slug":"4-social-security-strategies-middle-class-retirees-cant-afford","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/172327\/","title":{"rendered":"4 Social Security Strategies Middle-Class Retirees Can\u2019t Afford"},"content":{"rendered":"\n

When it comes to making the most of your Social Security in retirement, there is no shortage of tips designed to help you maximize this retirement income stream<\/a>. While some tips are useful, many can seem out of reach for the middle class.<\/p>\n

Learn More: 8 Common Mistakes Retirees Make With Their Social Security Checks<\/a><\/p>\n

Find Out: 6 Safe Accounts Proven To Grow Your Money Up To 13x Faster<\/a><\/p>\n

Explore which Social Security<\/a> tips might not make sense for middle-class Americans below.<\/p>\n

If you wait until age 70 to claim your Social Security benefits, you\u2019ll see a larger monthly check. In fact, each month you wait to claim benefits after your full retirement age (FRA) comes with an increased monthly benefit. If you wait until you are 70 to claim your benefits, you\u2019ll receive a monthly check equal to 124% of your standard benefits that you would have received if you filed for Social Security at exactly your FRA, according to the Social Security Administration (SSA)<\/a>.<\/p>\n

While the idea of getting a bigger monthly check is enticing, in reality, many Americans simply cannot afford to wait until their 70th birthday to claim their Social Security benefits<\/a>. Instead, many plan to claim benefits before that milestone.<\/p>\n

A recent survey of Americans by Schroders<\/a> found that just 10% of pre-retirees plan to wait until age 70 to claim their Social Security benefits.<\/p>\n

Read Next: 3 Little-Known Social Security Rules That Could Save You Thousands<\/a><\/p>\n

Social Security sets a FRA based on your birthday. As of this writing, your FRA falls somewhere in between age 66 and 67. For example, if you were born on January 1, 1970, your FRA would be 67, per the SSA<\/a>.<\/p>\n

Many experts advise waiting until you reach your FRA to claim your Social Security benefits to tap into a full benefit check. If you claim early, as early as 62<\/a>, you\u2019ll face a reduced monthly Social Security payment.<\/p>\n

However, many Americans don\u2019t wait until their FRA to claim benefits. Instead, many retirees opt to claim their benefits as early as age 62 in order to bolster their income.<\/p>\n

Most experts advise against relying entirely on Social Security in retirement. But with budgets stretched, saving for a future retirement often gets put by the wayside.<\/p>\n

In retirement, as much as 39% of Americans are currently exclusively on their Social Security income, according to 401k Specialist<\/a>. In addition, two-thirds of seniors rely on Social Security for more than half of their income, according to a recent survey from the Senior Citizens League<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"When it comes to making the most of your Social Security in retirement, there is no shortage of…\n","protected":false},"author":2,"featured_media":172328,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[1052,138,246,111,139,69,244,245,19422,1050],"class_list":{"0":"post-172327","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-benefits","9":"tag-business","10":"tag-finance","11":"tag-new-zealand","12":"tag-newzealand","13":"tag-nz","14":"tag-personal-finance","15":"tag-personalfinance","16":"tag-retirement-income","17":"tag-social-security"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/172327","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=172327"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/172327\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/172328"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=172327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=172327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=172327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}