Social Security benefits can be taxed at the federal level depending on your total income in retirement. Whether you owe taxes on your benefits, and how much, depends on very old data. The IRS uses income thresholds set decades ago that have never been adjusted for inflation.

KEY TAKEAWAYS More than a quarter of Social Security beneficiaries begin claiming benefits at age 62, resulting in permanently reduced payments.Delaying Social Security benefits beyond full retirement age increases later benefits.

Thousands have been short-changed of their Social Security payments as a result of blunders by the Social Security Administration

The Social Security full retirement age is 66 for most baby boomers born between 1943 and 1954. However, for people born in the five years after that, the full retirement age increases again in two-month increments each year.

More and more Americans are retiring before reaching Social Security's full retirement age. Could the program's age be lowered to meet retirees where they are?

It's important to get it right.