Few things are more important to Americans' retirement than Social Security. It's been a financial safety net for millions of Americans for decades, and ideally, this will continue for many decades to come.

As the retirement landscape shifts, those born after 1960 face a longer wait to access full Social Security benefits.

When you’ve worked for many years, it’s unsurprising that retirement feels like the pot of gold at the end of the rainbow. However, those planning to retire at age 65 may need to reevaluate their current plan as Social Security is raising the retirement age this year.

So if you haven't yet claimed Social Security and you think you'll continue working to a large degree, you may want to hold off of filing until full retirement age arrives. There's no sense in locking in a reduced monthly benefit for life if you're not even going to get most of that money because of working and exceeding the earnings-test limit.

Yes, you can claim Social Security benefits as early as age 62, but your benefit will be permanently reduced. The reduction is calculated based on how many months before FRA you begin collecting benefits. For example, if you turn 62 in 2025, your benefit would be about 30% lower than if you waited until 67.

When calculating your checks, the Social Security Administration first figures out the amount of your primary insurance amount (PIA). This is the benefit you'll qualify for if you sign up at your government-assigned full retirement age (FRA), which is 67 for most workers today.

As your retirement gets closer, you might have to make some tough decisions, such as whether to downsize your home or whether to relocate to a warmer or cheaper part of the country. Another tough choice you might have to make relates to Social Security — specifically,

Nearing retirement? Discover essential Social Security tips for women, how to optimize your benefits, understand full retirement age and make informed claiming decisions.