Social Security will not be able to fully pay monthly benefits to tens of millions of retirees and people with disabilities in 2034 if lawmakers don’t act to address the program’s pending shortfall, according to an annual report released Wednesday by Social Security’s trustees.

If there's one thing all retirees should do before claiming Social Security, it's to evaluate their claiming strategy. "Claiming strategy" refers to determining when it's the right time to begin receiving benefits.