Regardless of whether you have just entered the labor force or left it a long time ago, there's a high probability you'll rely on your Social Security check, in some capacity, to make ends meet. For 23 years,

We carefully adjusted our living expenses so that we could be satisfied with less income compared to our working years. It also helped that we had some control over the hours we worked and that our work involved helping people. Both of these conditions helped us enjoy our semi-retirement more.

If you're coming up on your retirement date without a lot of money in savings, you're not alone. Many people struggle to build savings for retirement due to a variety of factors, from sluggish wages to medical bills and other unforeseen expenses that get in the way of steady IRA or 401 (k) contributions.

Applying early for your Social Security benefits is doable, but the financial hit you're likely to take may make it less worth it.

Key Points You won’t be forced to claim Social Security if you don’t want benefits. Once you turn 70, there’s nothing to be gained by waiting to signing up. Understand the program’s rules so you don’t lose out on benefits.