T he Social Security Administration has announced significant changes to the retirement age, which will take effect starting in 2026. The full retirement age, which has been gradu

On a basic level, the monthly Social Security benefit you're entitled to in retirement is based on your earnings history -- specifically, the amount of money you made during your 35 highest-paid years in the labor force. From there, the age you choose to claim benefits at will either raise those monthly payments, shrink them, or leave them as is.

Here's the average Social Security benefit for people age 65. Waiting longer to claim benefits, even past retirement age, can boost monthly payments