When it comes to retirement, there is no one size fits all approach.
For instance, some people have decided to join the Financial Independence, Retire Early (FIRE) Movement in order to retire early—sometimes in their 30s or 40s. In contrast, others continue working until their 60s or 70s before they retire.
According to the Social Security Administration (SSA), workers are eligible for full Social Security benefits between the ages of 65 and 67, depending on their birth year. And, at 65, Medicare benefits begin.
Most people cannot afford a comfortable retirement on Social Security alone, even if they delay their benefits. Why?
Well, as of July 2022, the average check is $1,544.70, according to the Social Security Administration. To put that in perspective, the maximum monthly payout for someone retiring in 2019 was $2,860. However, that amount can vary significantly depending on who the recipient is. Most retirees, though, make more than the average income….