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.

There are plenty of options for earning more from Social Security. You could increase your income, for example, since all wages up to the $176,100 annual earnings limit will count toward higher payments. The length of your career also affects your benefit, so working a few more years could help, too.

Almost all Social Security beneficiaries are familiar with the most popular and publicized change: the increase in monthly benefit checks for 2025 due to the automated cost-of-living adjustment, or COLA. As you already know, that increase will be 2.5%.

"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,

Spousal benefits can be a lifeline for seniors who established a single-income household. Spouses who shortened their careers and stayed home to raise kids and manage a household can still receive a nice-sized monthly check thanks to spousal benefits.

The Social Security Administration (SSA) automatically pays you the larger of your own retirement benefit and your spousal benefit if you're eligible for both. Your own retirement benefit is based on your average monthly income throughout your working years, adjusted for inflation and your age when you claim it.

Social Security is one of the most important income sources for retirees. Most people qualify for retirement benefits as long as they worked long enough, and the benefits are both protected from the impact of inflation and guaranteed to last until your death.