A lot of people who attempt to retire on Social Security alone end up having to cut corners. But for those who are eligible for the program's maximum monthly benefit, retiring on just Social Security doesn't paint such a bleak picture.

A recent AARP survey found that 20% of Americans aged 50 and over have no savings for retirement whatsoever. And a 2020 report by the National Institute on Retirement Security found that 40% of older Americans rely solely on Social Security for income.

Discussions around Social Security reform are gaining momentum, with potential changes aimed at providing financial relief to caregivers and older workers in physically demanding jobs. A recent survey by the National Academy of Social Insurance (NASI) suggests strong bipartisan backing for these proposals,

You become eligible for Social Security benefits at age 62, but you must wait until your full retirement age (FRA) to apply if you want the full benefit you've earned, based on your work history. FRA for all Gen Xers is 67. This is higher than the FRA for many baby boomers and previous generations as it reflects increased life expectancies.