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.

The new Social Security Fairness Act was just signed into law by President Biden. What is the Act and how could it impact your Social Security benefits in 2025?

Here's how a retired Canton City firefighter got invited to President Joe Biden's signing of the Social Security Fairness Act.

Teachers, firefighters, police and others who earn a separate pension for government work will now get their full Social Security benefits.

"Americans who have worked hard all their lives to earn an honest living should be able to retire with economic security and dignity," Biden said.