The reason most retirees can't collect the maximum Social Security benefit is that their earnings aren't high enough to snag it. To get that payday, your earnings need to meet or exceed the Social Security wage cap for 35 years. And while that cap is adjusted annually, it currently sits at $176,100.

Navigating the complexities of Social Security benefits is crucial for a smooth transition into retirement. Proper planning ensures you avoid financial pitfalls and maintain a steady income stream.