Social Security is a big deal, delivering retirement benefits to more than 50 million retirees annually along with disability and survivor benefits to millions more. The retiree benefits alone total nearly $100 billion annually.

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.

So, anyone that claims Social Security as soon as possible — thereby incurring the largest benefit reduction (30% for those born in 1960 or later) — would shortchange themselves by thousands of dollars. That's because delaying benefits beyond age 62 results in a higher payout, though there is no advantage to delaying past 70.

"Good things come to those who wait." You've undoubtedly heard that adage many times. It's often true. And the old saying definitely applies to anyone contemplating early retirement. Waiting to claim Social Security until your full retirement age (or,

President-elect Donald Trump's plans to protect Social Security benefits could give retirees more money in their pockets, but it could also deplete the program's funds more quickly over the long term.

Most Americans make the wrong decision on when to claim Social Security benefits, impacting their financial security during retirement. Claiming early could cost you 30% of what you otherwise would receive.

A group of retirees in the United States will soon be without Social Security benefits, according to an announcement from the Social Security Administration (SSA). The SSA stated that some retirees will not receive their Social Security benefits due to specific eligibility issues.

I turned in my forms to the local Social Security office within the correct window, but that office lost my paperwork and now refuses to accept it.