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Millions of Americans risk losing thousands of dollars in their Social Security checks (stock)Credit: Getty 3<\/p>\n There is a certain age that should be the goal to get to before you start claiming (stock)Credit: Getty<\/p>\n Senior citizens<\/a> across the US could lose up to 24% of their Social Security benefits<\/a> in the coming years, according to a report by the Committee for a Responsible Federal Budget<\/a> (CRFB).<\/p>\n This has to do with a few factors, but all seemingly have the same root.<\/p>\n The reason given for this thousands-worth deficit is due to the fallout from the One Big Beautiful Bill Act (OBBBA), which passed earlier this year<\/a>.<\/p>\n Funds dedicated to programs funded by taxpayers, like Medicare and (especially) Social Security, are in danger of drying up by 2023 — or in seven years, per the CRFB.<\/p>\n Read More on Social Security<\/p>\n “We estimate that this would be equal to an\u00a0$18,100 annual benefit cut\u00a0<\/strong>for a dual-earning couple retiring at the start of 2033,” read the report.<\/p>\n Different factors can also figure into the overall deficit amount, whether or not couples have only one earner, and how what income they earn.<\/p>\n For instance, married taxpayers with only one breadwinner could end up with a $13,600 deficit, while high-income earners who both financially contribute to their household could face up to a $24,000 cut.<\/p>\n But as troubling as these predictions might be, another recent study suggests a true danger lies in how little Americans know about how Social Security works — or at what age to claim benefits.<\/p>\n Garden path to jeopardizing your SSI<\/p>\n Roughly 74% of Americans are unaware that they should wait a certain that age to claim Social Security to get the most out of it that they can.<\/p>\n This is despite those respondents asserted they are knowledgeable about the ins and outs of their benefits, according to findings from an extensive study released by AARP in July<\/a>.<\/p>\n US state to give $1,000 \u2018relief\u2019 checks in new proposal \u2013 and checks could hit accounts this year<\/p>\n The minimum age requirement to claim Social Security is 62.<\/p>\n But out of 3,599 Americans over the age of 18 who were surveyed, approximately 66% had no idea an eight-year claimant gap could put retirees at a huge deficit during their golden years.<\/p>\n Claiming Social Security before you hit 70 means that beneficiaries nail themselves down to lower monthly rates.<\/p>\n This also can’t be undone: once you’re locked in, your monthly check amount is set at that rate for life. <\/p>\n Of course, the amount itself isn’t fixed.<\/p>\n For monthly checks, cost-of-living adjustments based on inflation are also factored in.<\/p>\n Even so, the difference between claiming Social Security benefits at, say 65, as opposed to 70, can be staggering.<\/p>\n If you lock in at 65 years old, you’re likely to receive nearly (and only) 87% of your full retirement age benefit, according to Fortune<\/a> magazine.<\/p>\n If you wait until 70, you’re likely to receive 124% of your full retirement age benefit.<\/p>\n![\"Senior](\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2025\/08\/older-couple-sitting-kitchen-table-1013763319.jpg\")
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