A study published by the National Bureau of Economic Research in November 2022 found that 90% of workers ages 45 to 62 would maximize their Social Security by claiming benefits at age 70. Yet, less than 10% of newly awarded retirees actually waited that long in 2023, and the percentage is similar in prior years.

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.

Social Security payments are based on the earnings throughout a retiree’s life and have no limits based on income.

The full retirement age (FRA), the age at which retirees can claim their Social Security benefits, has been gradually increasing and will increase again in 2025. This year, those born in 1959 will reach their FRA at 66 years and 10 months, two months later than those born in 1958. For those born in 1960 or later, the FRA will rise to 67.

Millions of Americans rely on Social Security benefits for financial stability. However, delays or missing payments can disrupt this crucial income stream. Understanding the steps to address these issues is essential for beneficiaries to maintain their economic well-being.

Wall St. You can claim Social Security starting at age 62, but an early filing will reduce your monthly benefits. If you collect Social Security and work before reaching full retirement age, you'll be subject to an earnings-test limit.

Deciding when to claim Social Security benefits is one of the most important financial decisions you'll make ahead of retirement. You can claim benefits as early as age 62, but you're almost