Many Americans Cannot Delay Social Security to 70 as Average 58-Year-Old Has $261,000 Saved
Updated
Updated · USA TODAY · Jul 4
Many Americans Cannot Delay Social Security to 70 as Average 58-Year-Old Has $261,000 Saved
3 articles · Updated · USA TODAY · Jul 4
Summary
$261,000 in retirement savings leaves the average 58-year-old far short of the $1.06 million Americans say they want, making a wait until 70 unrealistic for many.
Eight years of delaying benefits means giving up 96 monthly checks; someone eligible for $1,500 at 62 would forgo $144,000 that could cover expenses or stay invested.
That wait can also force heavier IRA withdrawals — $25,000 a year would total $200,000 over eight years — weakening compounding and potentially straining retirement finances.
Claiming earlier may also smooth income and help some retirees stay in a lower tax bracket, though waiting can still pay off for people with longer life expectancy or late starts on saving.