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.

The full retirement age for Social Security is set to increase in 2025, with the age for new retirees to claim and receive their full benefit rising to 66 years and 10 months.

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.

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 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.