Updated
Updated · USA TODAY · Jul 4
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.

Insights

Is forgoing a guaranteed 8% annual return by claiming Social Security early the biggest retirement mistake you can make?
Will new government matching programs solve the retirement crisis for 53 million Americans without workplace plans?
Beyond market crashes, is the silent threat of cognitive decline the greatest risk to your retirement wealth?