Delaying Social Security past full retirement age results in a boosted monthly benefit for life. If your full retirement age is 67, which is the case for anyone born in 1960 or later, then you have an opportunity to increase your monthly Social Security paychecks by 24% by signing up at age 70. That's an appealing thing when you're shy on savings.

Considering early retirement? It might cost you. Learn about average Social Security benefits by age in the US and how timing can affect your finances.

Though President-elect Donald Trump has often promised to protect Social Security, he has not explained exactly how he would save the beloved – but financially troubled – entitlement program. Nor did he take any meaningful steps to shore up Social Security during his first term in the White House.

But while it's OK to include your anticipated Social Security benefits in the course of your retirement planning, you shouldn't set yourself up to depend on them too heavily. Here's why. If you earn an average salary, you can expect Social Security to ...

A good rule of thumb to figure out your retirement savings needs is to come up with an annual income you expect to need, subtract your annual Social Security benefit, and then multiply the remaining number by 25.

One thing you can expect from Social Security is that some kind of change will be implemented every year, and 2025 will be no exception. If you plan to retire in 2025 and file for Social

Social Security is not a retirement fund—it's a transfer program, taking income from the payrolls of current workers and giving it to retirees. Generally, these retirees are already wealthier than the workers subsidizing them.

Once your earnings exceed a specific amount, you can stop paying into Social Security for the rest of the year.