7 Things Retirees Almost Always Regret About Social Security

Figuring out when to start taking Social Security benefits is one of the smartest money moves for seniors nearing retirement. But miscalculating benefits or failing to plan ahead can lead to a lot of regrets later in life.

If you're eager to avoid your own Social Security regrets, keep reading. Below, we review some of the most common regrets retirees have about Social Security so you can steer clear of the same mistakes.

Claiming benefits too early

Age 62 is the earliest you can start claiming benefits, but doing so comes with a cost: for every month prior to your full retirement age (FRA), you'll experience a permanent reduction of up to 30% in benefits.

On a Reddit thread about claiming benefits at 62, user Grandizer_Knight wrote, "Both my parents took [it] at 62. They both regret it...even though I was adamant they wait longer. Now they just don't make enough. They convinced themselves that they MUST retire at 62...now they just have their hands out all the time. I saw it, knew it, and that's just what happened."

And on a similar thread, user RacoonMom wrote, "I know so many people who regret taking it at 62. You've got the rest of your life to regret it every single month when a few extra 100s would make things easier."

Claiming benefits too late

On the other hand, some beneficiaries regret waiting until age 70 (when you can start collecting your full amount) to apply for Social Security benefits. This regret is largely because they didn't remain in good health as long as they had anticipated.

For instance, according to Reddit user _chiffonade_, "I was always programmed to wait until something would yield me the biggest payoff before collecting it. Then my friends started dropping like flies. My brother and I had a heart-to-heart talk, and he said I should start taking SS the second I am eligible."

On a different thread, a user who has since deleted their account wrote about a coworker who passed away shortly before retiring. They wrote, "After working for 4 decades, she got no chance to enjoy her hard work. I am really sorry for her, and it was also a wake-up call for my whole team at work."

Leaving the workforce early on

Many beneficiaries claim benefits and leave the workforce at age 62, then realize they don't want to (or else can't) quit working. For example, Reddit user Dang_It_All_To_Heck said, "[I] retired at 62, right at the start of the pandemic. So bored, I went back to work, and the job was so great that I am still working."

Other Redditors wrote about how retiring early can mean closing a career door that they can't reopen easily. Per user sbhikes, "I did not expect life to be so different in my 50s compared to my 40s or 30s, that the age discrimination would be so blatant or that the age would show so clearly on my own face. Once you pull the plug on a career you've worked on your whole life, you close a door permanently."

Believing expenses will go down

Some retirees assume that once they leave the workforce, they'll have lower expenses, so it won't matter much if they take Social Security before their FRA.

But according to user yomeratz, "Our financial advisor said that your first 10- 15 years of retirement is when you spend a lot of money traveling, then the expenses will be lower as you turn into a homebody or travel less frequently." User DSMinFla confirmed, "Spending was initially higher as I poured money into hobbies, but settled back down after year one. I sort of settled into a few meaningful hobbies that don't really cost a lot."

Several retirees also point out that post-Covid inflation increased expenses around the board. User XRlagniappe wrote, "The fallacy that you will spend less because of fewer work-related expenses was proven wrong during COVID, as money for gas, lunches, clothes, etc. didn't change much after retirement. Plus, everything is getting more expensive."

Relying too much on Social Security instead of saving

While many Americans live on Social Security alone, many also regret not saving more on their own to supplement Social Security benefits. In a thread about retirement regrets, user lotuskid731 said, "I definitely wish [I] had begun saving money earlier."

Many especially regret not starting to save earlier. User Dude_McHandsome wrote, "I regret not saving/investing for retirement sooner. I started at 28…. I left about a decade of compounding on the table. Start early."

Reddit user Pitiful_Try1099 shared their story on an advice forum: "There was a time when I had to choose between buying my medications and paying for my heating bill. The fear and helplessness I felt were overwhelming. It's a hard pill to swallow, knowing that a little foresight and financial planning could have made all the difference."

Taking a benefit cut without considering the impact on surviving spouses

The government calculates Social Security benefits and spousal benefits based on the higher-earning spouse. If the higher earner takes a benefits reduction by claiming benefits early, that rate is locked in and will impact their surviving spouse if they pass away first.

In a thread on the r/SocialSecurity subreddit, GeorgeRetire shared, "The only regrets I have heard come from widows whose husbands started their benefits early and left them with a smaller survivor benefit." Similarly, user Numerous-Nectarine63 said that because they put off retiring, "now my husband will enjoy my higher benefit if I predecease him. I don't have any regrets."

Not enjoying your hard-earned benefits

While retirees agree it's crucial to have enough money in the bank, they also warn against hoarding your benefits rather than spending them wisely.

In a personal finance Reddit post where a teen asked retirees for saving advice, user peepypenguins said, "Save to be financially free, turn down ownership of materialistic expenses, but never sit out of fun activities, holidays, or events to save money, as [it's] the experiences you missed out on that you'll miss the most."

On another thread, user National-Evidence408 said, "My mom [was] always somewhat thrifty, but is now in her 80's and recently hit 8 digits, like at one point the money just rolls in. She drives a 10-year-old Prius, which she bought by trading in a Mercedes. She lives in a big house, which she paid off decades ago, she gets $10 haircuts, she just [doesn't] spend much money, but she is afraid she is going to run out of money [...] I always encourage her to spend more on herself — otherwise the money just goes to me one day."

Bottom line

Being strategic about Social Security is one of the best ways you can avoid wasting your retirement savings and ensure a long, comfortable retirement. To avoid retiring with your own regrets, consider meeting with a financial advisor or retirement planner who can help you chart a long-term Social Security strategy.

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