Retirement Social Security

The Social Security Advice Most Middle-Class Retirees Wish They’d Ignored

Well-meaning advice about Social Security could lead you down the wrong path, so don't listen to everything you hear.

By Christy Rakoczy Bieber , Edited by Laura Hohenstein

Updated May 14, 2026

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Making the most of your Social Security benefits is important if you're hoping for a stress-free retirement. These benefits are guaranteed for life and protected against inflation, so the more money you get from Social Security, the more secure your finances are likely to be.

Unfortunately, there's some bad advice out there about benefits, and following it could end up costing you. In particular, here are some key pieces of Social Security advice that many middle-class retirees wish they'd ignored.

Claim Social Security early to get your hands on the money

Many people will tell you to claim Social Security early to get your hands on the money. In fact, a recent AARP survey revealed that some believe an early claim is best because of fears that Social Security is running out or concerns about staffing changes at the Social Security Administration. Even Dave Ramsey, a finance expert popular among the middle class, recommends claiming early to make the most of the money by investing it.

The reality is that claiming Social Security early can sometimes be bad advice for middle-class Americans. The Transamerica Center for Retirement Studies reports that outliving savings and investments is a top retirement fear among people in the middle class. In light of this, it may make sense to delay Social Security to maximize this guaranteed source of lifetime income.

Sadly, starting benefits ahead of full retirement age shrinks your standard benefit by as much as 30%, and means giving up delayed retirement credits, so claiming early results in a big cut to most retirees' only guaranteed income source.

Middle-class Americans worried about having no money in their 80s or 90s are inevitably going to wish they hadn't reduced their guaranteed inflation-adjusted lifetime benefits, as they see their savings start to dwindle

You probably won't live long enough for an early claim to pay off

Bad advice on the break-even age is another major piece of guidance that many middle-class Americans could regret following.

Some financial figures, like Ramsey, advise claiming benefits as soon as possible, arguing that delaying could mean missing out entirely if you pass away early (or falling short on lifetime benefits if you die before recouping the income you deferred).

But a recent Transamerica Center For Retirement Studies report explains that middle-class Americans expect to live to a median age of 90, while one in seven people in the middle class (14%) expect to live to age 100 or older. If you live this long, you'd definitely end up with more lifetime benefits by delaying your claim.

To estimate how long you must live to break even for a benefits delay, compare benefits at different ages. If you'd collect $1,400 at 62 and $2,480 at 70, you miss eight years of $1,400 monthly income or $134,400. However, you'd then collect $1,080 extra per month for the rest of your life. After 124.4 months, you'd have made up the $134,400.

If you end up living until your 90s or 100, as middle-class Americans expect, a delayed claim provides much more lifetime income. The National Bureau of Economic Research confirms that around 90% of current workers end up with more lifetime benefits if they wait, so following the advice to claim early may end up being a source of regret.

You'll be able to live comfortably on Social Security

Finally, one last key piece of advice to consider ignoring: that Social Security is going to be enough to cover your basic needs.

The Nationwide Retirement Institute 2025 Social Security Survey found that 43% of those expecting to receive Social Security in the future think their benefits will be enough to cover their basic needs in retirement. Additionally, a survey of middle-class Americans specifically found that about 40% of people in their 60s and 70s expect to rely primarily on Social Security.

But the truth is, expecting too much of your benefits could result in under-saving for retirement. Many middle-class Americans already don't have enough savings (the median is around $277,000 among sixty-somethings who aren't retired yet).

The reality is that Social Security is not enough to support you. Retirement benefits only replace around 40% of pre-retirement income, and the average Social Security benefit is only $2,071. That's unlikely to be enough to live comfortably on.

In fact, research from Nationwide revealed that over half of current retirees say they've been forced to cut back on Social Security because rising costs of living outpace benefits.

Bottom line

There's a lot of bad advice out there, and following it could make your retirement years much more difficult.

When you map out your retirement plan, your best bet is to do your own research and consider talking with a financial advisor to make certain you're making informed choices about what truly makes sense for your situation.

Social Security is an important income source, so taking the time to learn how it works is going to make all the difference, especially at a time when so many middle-class Americans are struggling to build a secure future in light of rising inflation and a changing economy.