Social Security Benefits Overview - Social Security provides guaranteed income for retirees, survivors, and disabled Americans, funded by payroll taxes [1] - Claiming benefits can start as early as age 62 or as late as age 70 for maximum benefit [2] - Benefit amounts increase over time based on the cost of living, with a 25% cost of living adjustment (COLA) this year [2] Retirement Age and Planning - Full retirement age is typically between 66 and 67, depending on the year of birth [2] - Individuals born in 1960 must wait until age 67 to collect full Social Security benefits [4] - The Social Security Administration website offers calculators to estimate monthly benefits at different claiming ages [4][5] Important Changes - Social Security retirement checks are no longer issued as paper checks; direct deposit enrollment is required [3]