Technically, you don't have to take Social Security when you retire. It's possible to leave your job at 62 and then wait until 70 to file for benefits. However, you'll need to rely on other sources of income during those years in between, which can take a hefty toll on your savings.

Social Security has a big birthday coming up next year -- it's turning 90! It's kept many millions of people out of poverty for decades and was recently supporting more than 71 million people with around $1.5 trillion in benefits for the year.

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.

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.

The first round of January’s Social Security payments, worth up to $4,873 for the highest-income earners who retire at age 70, will go out to the first group of retirees Wednesday. Here is all you need to know about this month’s Social Security payments,

You can maximize your benefits if you wait to claim Social Security until your full retirement age or older. However, claiming earlier could shrink your monthly check by as much as 30 percent. Workers can start to get Social Security retirement benefits as early as 62 years of age.

Social Security benefits can be taxable on the federal level for many retirees. Less than 20% of states tax Social Security benefits. Even among those states that tax Social Security benefits, it’s typically at higher income thresholds than the IRS uses.

Wall St. Social Security benefits are rising 2.5% in 2025. The timing of your first higher paycheck depends on your date of birth. There are ways to improve your finances if your COLA isn't enough. Smart Social Security planning could help you retire early.