Social Security has a big birthday coming up next year -- it's turning 90! It's kept many millions of people out of poverty for decades and was recently supporting more than 71 million people with around $1.5 trillion in benefits for the year.

If you were planning to retire next year, double check your math because a law passed in the ’80s is annually raising the age when Americans can collect their full Social Security benefits. And next year is no exception.

You've decided that 2025 is the year you're finally going to claim Social Security. Perhaps it's the year you're retiring as well. It's an exciting change, and those monthly benefits can be a big help when it comes to paying your bills. But it's also important to prepare before you apply.

But those who claimed at 62 receive far less. Their average monthly benefit in 2023 was just $1,298.26. Factoring in the 2024 COLA brings it to $1,339.80. And the 2.5% COLA for 2025 will make it about $1,373.30.

Social Security recipients will see changes to their entitlements in the New Year, with the maximum benefit for 2025 at $4,018 per month.

Social Security has a big birthday coming up next year -- it's turning 90! It's kept many millions of people out of poverty for decades and was recently supporting more than 71 million people with around $1.5 trillion in benefits for the year.