If we rewind 30 years to 1994, a time when movie-rental stores and floppy disks were in style, you'll see just how much inflation has chipped away at purchasing power. Today, Social Security checks may look bigger than they did back then but their buying power tells a different story.

Deciding when to claim Social Security has lifelong financial implications. It can impact the income you receive until you die, and even beyond if you have a spouse receiving survivor benefits. It's not a decision to make lightly.

Americans earn Social Security benefits upon reaching retirement age, but some workers face stiff penalties if they work as a public servant.

As the new year approaches, it's crucial to understand the upcoming changes to Social Security. While major policy shifts are absent, adjustments based on inflation and wage growth will impact benefits,