![\"An](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2025\/11\/retirement-taxes-couple-computer-iStock-1399376478.jpg\")
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Commitment to Our Readers<\/p>\n
GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by When you work and pay taxes, you earn Social Security credits. Once you retire<\/a>, you\u2019re eligible to claim these benefits and receive monthly support payments. However, you can choose when to begin receiving payments, which will change the amount you receive. <\/p>\n Because of this, there are a lot of things to take into consideration when it comes to Social Security. I asked ChatGPT about Social Security tips for middle-class retirees, and here\u2019s what it had to say<\/a>.<\/p>\n Early vs. Delayed Claiming<\/p>\n The first thing to understand about claiming Social Security is how your age affects your benefits<\/a>. Full retirement age is the period between the ages of 66 and 67 when you\u2019ll receive 100% of your retirement benefit payment. However, you can begin receiving benefits as early as age 62 for a reduced amount and as late as 70 for an increased benefit. The amount you\u2019ll receive (if full retirement age is 67) breaks down as:<\/p>\n Age 62: 70% ChatGPT said, \u201cIf you have other income sources (like pensions, savings, or investments) that can support you early on, delaying Social Security can result in higher monthly payouts later in life.\u201d\u00a0<\/p>\n This advice is especially important for those with good genes and excellent health who expect to live a long life. Taking benefits too early can mean receiving 30% less than your full benefits. The longer you live, the bigger the disparity will get.<\/p>\n Taxes<\/p>\n You\u2019ll likely have to pay federal income tax on the Social Security benefits you receive. If you have other income, it will be combined with any nontaxable interest you\u2019ve earned and half of your Social Security benefits to determine how much you owe in taxes.\u00a0<\/p>\n Here\u2019s how much you\u2019ll pay if you\u2019re married and filing jointly:<\/p>\n $32,000 or less:\u00a0No taxes If you\u2019re filing individually:<\/p>\n $25,000 or less:\u00a0No taxes Regarding taxes, ChatGPT advised: \u201cBe mindful of your other income sources and consider tax-efficient withdrawal strategies. You may want to draw down tax-deferred accounts like IRAs or 401(k)s early on to lower your taxable income when you start taking Social Security.\u201d<\/p>\n This is good advice because it helps you minimize the taxes you\u2019ll pay on your Social Security benefits. Taking less income from tax-deferred accounts can reduce what you owe and leave you with more money overall.<\/p>\n<\/p>\n Spousal Benefits<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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Millions of Readers<\/p>\n
\nAge 63: 75%
\nAge 64: 80%
\nAge 65: 86.7%
\nAge 66: 93.33%
\nAge 67: 100%
\nAge 68: 108%
\nAge 69: 116%
\nAge 70: 124%<\/p>\n
\n$32,000 to $44,000:\u00a0Up to 50% is taxable
\n$44,000+: Up to 85% is taxable <\/p>\n
\n$25,000 to $34,000:\u00a0Up to 50% is taxable
\n$34,000+: Up to 85% is taxable<\/p>\n