In brief, a worker earning the 2022 median household income of\u202f$74,580 would see about\u202f$1,869 a month by filing at age\u202f62, yet that figure can climb above\u202f$3,000 by waiting until 70.<\/p>\n\n\n\n
Social Security remains the financial anchor for millions of middle\u2011income households. But relying on it alone could strain a budget, especially when one in five Americans over\u202f50 has zero retirement savings.<\/p>\n\n\n\n
The benefit formula replaces a larger share of low wages than high ones, so someone squarely in the middle class often gets a smaller percentage of their paycheck back. Using AARP\u2019s calculator, our $74,580 earner would replace roughly 30\u202fpercent of income by filing at\u202f67.<\/p>\n\n\n\n
Still, that monthly deposit is essential for fixed costs like housing and health care. Wondering whether your check will cover groceries and utilities? Keep reading. Here\u2019s how claiming age changes the picture for our hypothetical worker:<\/p>\n\n\n\n As the table shows, deferring benefits for eight years boosts income by more than\u202f75\u202fpercent. That\u2019s a raise few jobs can offer after retirement.<\/p>\n\n\n\n Every month you wait past\u202f62 adds delayed\u2011retirement credits\u2014about\u202f8\u202fpercent per year until\u202f70. Therefore, couples who can lean on one spouse\u2019s earnings or part\u2011time work may profit by letting the larger benefit grow. After all, higher survivor benefits could protect the last spouse living. <\/p>\n\n\n\n But what if you need cash sooner? This is a simple strategy every middle\u2011class retiree can use to stretch monthly Social Security dollars further:<\/p>\n\n\n\nClaiming age<\/th> Monthly benefit<\/th> Annual benefit<\/th><\/tr><\/thead> 62<\/td> $1,869<\/td> $22,428<\/td><\/tr> 65<\/td> $2,314<\/td> $27,768<\/td><\/tr> 67<\/td> $2,670<\/td> $32,040<\/td><\/tr> 70<\/td> $3,311<\/td> $39,732<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n Why delaying Social Security until age\u202f70 can supercharge your retirement income<\/h2>\n\n\n\n