1. Home
  2. More
  3. 4 Social Security Expectations That Are Far From Reality
  • Sign up
  • Sign in
Money Talks News
  • Popular
  • Latest
    • Coronavirus
    • Ask Stacy
    • Make
    • Save
    • Borrow
    • Grow
    • Live
    • More
  • Deals
    • Automotive
    • Clothing & Accessories
    • Computers
    • Electronics
    • Everything Else
    • Financial Services
    • Gaming & Toys
    • Health & Beauty
    • Home & Garden
    • Movies, Music & Books
    • Office & Supplies
    • Special Occasion
    • Sports & Fitness
    • Store Events
    • Travel & Entertainment
  • Podcasts
  • Solutions
  • Academy
  • Subscribe to our newsletter
  • Follow us on Facebook
  • Follow us on Twitter
  • Search our site
Seniors holding hands in pool4 Simple Steps for a More Comfortable Retirement
Happy older investor5 Things You Must Do When Your Savings Reach $100,000
10 Amazing Ways to Build Wealth at Any Age10 Amazing Ways to Build Wealth at Any Age
Senior standing beside window5 Retirement Planning Mistakes You’ll Regret Forever

4 Social Security Expectations That Are Far From Reality

Today's workers have a vision of Social Security that does not match with the actual experience of retirees.

Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend.

Chris Kissell • October 17, 2022

Share on Facebook Share on Twitter Share by Email Share on Pinterest Printable version available to members PDF version available to members
Worried woman sitting on her sofa
Rido / Shutterstock.com

Millions of Americans count on Social Security to keep them afloat financially during retirement. And the program does a great job of preventing many folks from falling into poverty during their golden years.

However, it’s easy to expect too much out of Social Security, as a recent survey from Allianz Life Insurance Co. of North America has found.

In the survey, 1,000 adults ages 25 and older were asked to talk about their Social Security strategy. Their answers indicate a clear gap between worker expectations about retirement and the actual reality of how today’s retirees live.

Following are commonly held expectations about Social Security that are unlikely to be realized.

Working past retirement age

Senior man working on a laptop
Monkey Business Images / Shutterstock.com

Near-retirees who plan to do this: 59%

Retirees who actually did this: 11%

Many of us plan to work well into our golden years. Some seniors love their jobs and never want to give them up. Others feel the need to work simply to pay the bills.

But the reality is that working deep into your golden years is a long shot. Obstacles such as age discrimination and health concerns quickly can upend dreams of an extended career.

Living on Social Security alone

Happy senior couple
goodluz / Shutterstock.com

Near-retirees who plan to do this: 40%

Retirees who actually did this: 10%

It’s a bit disconcerting that 4 in 10 near-retirees think they can live solely on a Social Security check. As the Social Security Administration has said:

“Social Security was never meant to be the only source of income for people when they retire.”

The average Social Security benefit is well under $2,000, so it’s impressive that even 10% of retirees are able to live on the program alone. But that still leaves 90% of retirees counting on additional sources of income.

It won’t be easy, but if you want to try to join the 10%, read “8 Tips to Retire Comfortably on Social Security Alone.”

Claiming benefits at full retirement age

Senior man on the beach
StudioByTheSea / Shutterstock.com

Near-retirees who plan to do this: 57%

Retirees who actually did this: 46%

The gap between expectation and reality is a bit narrower here. Still, fewer people applied for Social Security at their full retirement age than those who say they plan to do so.

Presumably, some were forced to apply earlier, which means their monthly check will be smaller throughout their golden years.

Seniors playing games together
See Also:
5 Secrets of Seniors Who Keep Their Minds ‘Young’

Deciding when to apply for Social Security is not an easy task. There are pros and cons to applying either early or late in retirement. For more, check out:

  • “7 Reasons Not to Take Social Security at Age 62“
  • “5 Times When It’s Smart to Claim Social Security Early“

Claiming benefits early

Poor senior counting change
CameraCraft / Shutterstock.com

Near-retirees who plan to do this: 33%

Retirees who actually did this: 49%

Many people are determined not to claim Social Security benefits early. But for some people, that’s not an option. In fact, one-third of those near retirement expect to take Social Security early.

But in reality, more people file for benefits early than originally planned to do so. That isn’t necessarily the wrong decision for some folks, but it does mean their monthly Social Security check will be smaller throughout retirement.

  Like Article   Add a Comment

Sign up for our free newsletter!

Simple ways to make, save, and grow your money daily:

  happy subscribers    
MTN Podcasts

Every week our podcasts bring you lively money discussions that will give you a few laughs along with advice that will make you richer.

Money with Stacy Johnson

Listen/Subscribe

Read Next

Some of our favorite stories for you to read next.

Businessman looking at cash with a magnifying glass
The Pros and Cons of Dividend Stocks for Retirement Savings
Older man working from home
5 Reasons You Should Work for as Long as You Live
The 3 Biggest Regrets of Retirees — and How to Avoid Them
The 3 Biggest Regrets of Retirees — and How to Avoid Them
Sign up for our free newsletter!

Join our many free newsletter subscribers building wealth and destroying debt:

Popular Topics
  • Retirement Investment
  • Surveys for Money
  • How to Make Money Online
  • Emergency Stockpile
  • Free Movie Streaming
  • Senior Discounts
Connect
  • Support & FAQs
  • Memberships
  • About
  • Contact
  • Careers
  • Accessibility Statement
Media
  • Advertise
  • Television
  • Where We Air
  • Scripts
  • Sitemap
Legal
  • Terms
  • Privacy
  • Cookies
Editorial
  • Fact-Checking Policy
  • Ethics Policy
  • Corrections Policy
  • Ownership & Funding Info

Do Not Sell My Personal Information

© 2023 Money Talks News. All Rights Reserved.
‭1 (833) 669-8557 | 1732 1st Ave #26661, New York, NY 10128

Advertising Disclosure: This site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.

View This Page Without Ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Help us produce more money-saving articles and videos by subscribing to a membership.

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.

Sign up for our free newsletter!

Join our happy subscribers and sign up for our free newsletter! You'll get:

  • Tips and advice from our expert money reporters. (Our average experience is 18 years!)
  • Unexpected ways to make more and spend less, delivered to you daily.
  • The best deals and coupons to save on everything you buy.
  • Free copies of our eBooks '208 Ways to Save Money Every Day' and '108 Easy Ways to Earn Extra Cash', together a $29 value!