Social Security retirement benefits have long been a financial lifeline for millions of retired Americans. As of November 2024, over 54.2 million Americans were receiving them, and many rely on them for a significant portion of their retirement income.

President Donald Trump has tapped businessman Frank Bisignano as the Social Security Commissioner. What could that mean for you?

If you're eligible to suspend your benefits, you aren't required to pay anything back, as benefits are just on pause instead of canceled completely. Another benefit is you don't have to submit a form to suspend your benefits -- you can just call the SSA and they can take care of the rest for you.

Specifically, you lose 5/9 of 1% of your PIA per month for up to 36 months when claiming early, then 5/12 of 1% for every month thereafter. That means signing up for Social Security at 62 can reduce your checks by up to 30%.

Trump has pledged to end taxes on Social Security income, which could change payments for millions of Americans.

The program’s finances could take another hit if some of the president’s tax proposals are passed. What to know about claiming early.

Now that Donald Trump is has started his second term as president, backed by a Republican-controlled House and Senate, there has been a lot of talk surrounding Social Security. Specifically,