Overview

• Retirees born on or after the 21st receive August’s third wave on Aug. 27, with payments issued by birth date on successive Wednesdays.
• Maximum monthly payments vary by claiming age, topping out at $5,108 at 70 versus up to $2,831 at 62, according to the Social Security Administration.
• Claiming early creates a permanent reduction — roughly 30% at age 62 — while delaying to 70 can raise payments by as much as 76% versus claiming at 62; the average 2025 benefit is $2,006.69.
• The earnings test can temporarily withhold benefits before full retirement age: $1 is deducted for every $2 earned above $23,400 in 2025, and in the year FRA is reached the limit is $62,160 with $1 withheld per $3 above that; withheld amounts are later credited.
• Medicare Part B premiums are typically deducted from checks and IRMAA surcharges can push monthly premiums above $500, Social Security benefits can be taxable on up to 85% of income, and the trust fund faces projected depletion in the early 2030s without congressional action.