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Kiplinger
Kiplinger
Business
Maurie Backman

I Waited to Claim Social Security and Never Got Around to Filing By My 70th Birthday. Did I Goof?

Social Security SSA Social Security Administration
A man and woman in their 70s arrive home after shopping.

Question: I waited to claim Social Security and never got around to filing by my 70th birthday. Did I goof?

Answer: Given that many private-sector employers have phased out pensions and that the median retirement savings balance among Americans 65 to 74 was only $200,000 as of 2022, Social Security is clearly an extremely important income source for retirees. Many older Americans rely on Social Security to cover their basic expenses. And even those with decent savings appreciate having those benefits to supplement their retirement plan withdrawals.

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