Once its trust funds are emptied, Social Security may have to cut benefits. The Social Security Trustees say it could happen as early as 2035.

Your Social Security benefits can be an important part of your retirement income — but when should you start collecting them? Joining us to discuss how to carefully consider your Social Security options was Jim Lyons from Edward Jones.

Whether you're ready to apply or looking to learn more about applying for Social Security, we'll fill you in on the details.

In 2025, the maximum monthly benefit Social Security will pay is $5,108. To be clear, though, that's higher than the program's maximum benefit at full retirement age this year. Those looking at $5,108 a month in Social Security need to delay their claims until the age of 70 to lock in payments that high.

Well-off retirees stand to gain thousands of dollars in tax savings every year if President Donald Trump succeeds in his bid to exempt Social Security benefits from income taxes, while younger workers and generations to come will pay the price.

Social Security spousal benefits depend on the claim age of the spouse and the primary insurance amount (PIA) of the retired worker on whose record they claim benefits. The term PIA references the benefit a retired worker will receive if they start Social Security at full retirement age (FRA), which is age 67 for anyone born in 1960 or later.

The Social Security Agency at this point does not have a specific timeframe as to when benefits will be adjusted.

Since average earnings tend to rise over time, you'd expect to see younger workers -- those with higher average monthly earnings -- receive larger checks. And we do see this to some extent. A 70-year-old claimer took home an average of about $2,037.54 in December 2023.