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.

During his presidential campaign, Trump promised widespread tax cuts -- from no tax on tips or overtime to cutting federal taxes on Social Security benefits. The latter, specifically, could have a direct impact on millions of retirees, with around 40% of those collecting benefits owing taxes on them.

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.

One of the most critical decisions is when to start receiving Social Security benefits. Social Security is a primary source of retirement income for many Americans, so it makes sense to think about all the possible ways to maximize benefits.

Social Security might not pay as much money as you think, so it's a good idea to start planning ahead for retirement.

Social Security is one of the biggest financial bonuses of aging. Once you claim benefits, you get a guaranteed monthly income for the rest of your life. While Social Security is one way to fund your retirement,

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.