Many older Americans find themselves unprepared for retirement, with median savings around $200,000 for those aged 65 to 74. For individuals nearing retirement with insufficient savings, boosting Social Security benefits becomes crucial. By delaying claims past their full retirement age (FRA), which is 67 for those born in 1960 or later, they can increase their benefits by 8% for each year delayed until age 70. This strategy allows retirees to enhance monthly payments, potentially offsetting deficits in savings.
If you're approaching retirement without a whole lot of savings, then you may want to do what you can to score a larger Social Security check.
The monthly benefit you're eligible for from Social Security will depend on how much money you earned throughout your career.
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