Tyler Meyer | Source | Founder at Retire to Abundance

“Assess your readiness by understanding your complete financial picture including all potential retirement income sources,” Meyer said. “Consider how inflation could impact your expenses. Relying solely on Social Security poses risks, so explore alternative income streams like investments, part-time work, or rental income. Diversifying income can create a safety net.”

While I certainly don’t advocate for frivolity in your money habits, I actually see significantly more people who underspend on these oh so important areas and keep their money stored away until they eventually die then give their money to their loved ones by bequest. So, if you have the means, take your family on that vacation, add that bigger dining room so you can host Christmas, or buy that boat. This life has a richness to it that can only be experienced in community and if you allow something so minute as money to get in the way, then you truly are living a poor life irrespective of how many zeros your investment account may have.

For many people, their Social Security benefits are among the largest benefits that they take with them in retirement. As such, doing your research to ensure that you get the most out of this stream of income is extremely important.