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.

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.

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.

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.

The U.S. government's recent decision to overhaul the Social Security system is set to impact thousands of beneficiaries, sparking widespread concern and debate. As these changes loom, many families brace for potential financial challenges.

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.