Planning on Retiring on Social Security Alone? 6 Tips for Making the Best of a Tough Situation.
Written by Dana George for The Motley Fool -> Minimizing your debt can make it easier to retire with less income. Delaying the age at which you claim can make a world of difference. Doing everything within your power to remain healthy can really pay off. A 2025 Senior Citizen
Minimizing your debt can make it easier to retire with less income.
Delaying the age at which you claim can make a world of difference.
Doing everything within your power to remain healthy can really pay off.
A 2025 Senior Citizens League survey indicates that 39% of seniors live on Social Security alone, and given the high cost of living, that's no mean feat. It takes determination and strategy to get by.
If you're planning for retirement and expect to live entirely on Social Security, the ordinary advice pre-retirees receive may not be exactly what you're looking for. Instead, the tips below may help you make the most of your financial situation.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
While you're eligible to begin receiving Social Security benefits as early as age 62 , doing so will permanently reduce your monthly benefits. If you can, consider delaying your claim until your full retirement age (FRA). That's 67 for anyone born in 1960 or later. Or consider pushing it back to age 70, when you'll receive a Social Security check that's 24% higher than at 67.
For example, if your Social Security check at age 67 is expected to be $1,800, waiting until age 70 to claim it will permanently increase it to $2,232. Of course, how much you get overall also depends on how long you live.
