What Social Security Can – and Can’t – Do For You

Social Security is the backbone of retirement for most Americans — but it’s not the whole bridge. What you can count on, where the gaps are, and how to build a stable retirement plan around it.

What Social Security Is Designed to Do

Social Security was never meant to be your entire retirement income. It was designed as a safety net — a foundation, not a full paycheck. Today, it replaces about 40% of the average retiree’s pre-retirement income.

How Benefits Are Calculated

Your monthly check depends on your 35 highest-earning years, the age you start claiming, and your lifetime contributions. Retiring at 62 means smaller checks for life. Waiting until 70 means a bigger monthly benefit.

What You Can Count On

• Guaranteed Monthly Income: Payments continue for life.
• Cost of Living Adjustments (COLAs): Adjusts most years for inflation.
• Spousal and Survivor Benefits: Spouses may receive a benefit based on your record — even after death.

What Social Security Won’t Cover

• Healthcare Costs: Medicare helps, but premiums, co-pays, and long-term care are on you.
• Inflation-Proof Living: COLAs help — but rarely keep up with real-world prices.
• Personal Goals: Travel, gifts, or home upgrades? That’s your savings job, not Social Security’s.

Filing Strategy = Real Money

Claiming at the right time can boost or shrink your benefit permanently. Every year you wait after full retirement age (up to age 70) earns an 8% increase. Married? Coordinate your strategy for max impact.

Next Step: Run Your Estimate

The Social Security Administration has a free calculator to show your projected benefit. Our printable snapshot gives you a place to record the numbers — and understand what to do next.

Need help estimating your benefits?
Click here to download your Social Security Snapshot