In an ideal world, you'll have plenty of retirement income at your disposal outside of Social Security. But that's not a given.

Motley Fool research finds that in 2022, the median retirement savings balance among Americans aged 65 to 74 was just $200,000. That's not a huge sum in the context of what could be a retirement that's decades long. So, if you're a retiree with limited savings, you may end up more reliant on Social Security than expected.

Now, when it comes to claiming Social Security, you have choices. If you sit tight until full retirement age (FRA) arrives, you'll get the full monthly benefit you're entitled to based on your 35 highest-paid years in the workforce. FRA is either 66, 67, or somewhere in between, depending on your year of birth.

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Source Fool.com