For most people reading this (those born in 1960 or later), full retirement age for the purpose of Social Security benefits is 67 years old. So, how much does the average person g

In 2024, the life expectancy for someone born in 1959 was 74 for men and 80.1 for women, according to a Social Security report. The report predicts continuing increases in life expectancy, which translates into even more years that beneficiaries will receive Social Security checks.

First, many retirees elect to downsize. If you're still paying for your home, moving to a smaller house or apartment could reduce your expenses. If you've paid off your home, downsizing could at least lower your utility bills and property taxes.

The full retirement age (FRA), the age at which retirees can claim their Social Security benefits, has been gradually increasing and will increase again in 2025. This year, those born in 1959 will reach their FRA at 66 years and 10 months, two months later than those born in 1958. For those born in 1960 or later, the FRA will rise to 67.

Not many people will qualify for the maximum possible benefit, but everyone can learn from what it takes to max out Social Security.