When to begin drawing Social Security benefits is a critical decision, particularly for married couples. Starting benefits early results in reduced monthly payments, while delaying up to age 70 increases them. Careful analysis and planning are essential to maximize long-term benefits.

In 2025, this limit will increase from $168,600 per year to $176,100 per year. That's an extra $7,500 per year that will be subject to Social Security tax, and at the current 12.4% tax rate (which is split between employers and employees), these workers can expect to pay an additional $930 per year in payroll taxes.

USA TODAY reached out to retirees across the country who are living mostly on Social Security, to ask how they were doing.

Gen Xers say they are worried they may not receive their benefits at retirement age if Social Security funds are depleted.

One Social Security rule that isn't changing in 2025 is the threshold for taxes on benefits. Social Security recipients are subject to taxes on their retirement benefits based on their combined income, which is 50% of their annual Social Security benefit plus other taxable income and nontaxable interest income (such as what municipal bonds pay).

You also get an 8% yearly increase if you delay or suspend receiving benefits. “That's on top of your increase from your higher wage,” Kemp adds. If you’ve claimed Social Security early and are second-guessing that decision, consult a trusted financial advisor.

Your filing age dictates how much monthly income you get from Social Security. If you claim benefits early, you'll typically reduce them for life. There's a one-time workaround you may be able to use that allows you to raise your monthly payments after starting Social Security.