Social Security is critical to many millions of retirees, keeping lots of them above the poverty line. Whether it keeps you solvent or just enhances your financial security in retirement, Social Security is likely to be an important source of retirement income.

Nearly 3 million people could receive a boost in Social Security payments under legislation set for a final Senate vote in the coming days.

Social Security's maximum benefit will reach a record $5,108 per month in 2025. This is the first time any retiree will take home more than $5,000 per month from the program. But only a select few will receive anything close to this amount.

In 2024, the life expectancy for someone born in 1959 was 74 for men and 80.1 for women, according to a Social Security report. The report predicts continuing increases in life expectancy, which translates into even more years that beneficiaries will receive Social Security checks.

Social Security is tweaked each year to account for changes in areas such as life expectancy and cost of living.

As we step into 2025, you may be setting financial goals for the year and putting together your to-do list. While you're at it, you should also keep tabs on the Social Security changes coming this year.