The same approach could work again: thoughtful, phased reforms that maintain the program’s core protections. Ideas on the table include lifting the payroll tax cap (currently $176,100), gradually raising the 6.2% FICA rate, or making more forms of compensation subject to payroll taxes—similar to how TSP contributions are treated.

The highest benefit possible—$5,108—is available for those who delay claiming until age 70. Those who retire at age 62 can receive up to $2,831 per month, while waiting until 67—the full retirement age—increases the maximum benefit to $4,018.

Dear Savvy Senior, What do I need to do to get disability benefits from Social Security? I’m 60 years old and have a medical condition that doesn’t allow me to work at my job anymore, but I’ve read that getting disability benefits is very difficult.