Markus Andrews

About 67% of surveyed couples used some form of financing to pay for their wedding, whether it was credit cards or personal loans, according to a report by LendingTree.
The average cost of a wedding in the U.S. is expected to be about $36,000 for 2025, according to wedding site Zola. 
If you’re thinking about using credit cards as a main form of payment for your wedding, here’s what to know, according to experts. 

Westend61 | Westend61 | Getty Images

Many engaged couples in the U.S. are relying on forms of credit to pay for their wedding. Experts say that approach can be smart, if done carefully.
While 46% of surveyed newlyweds — couples who tied the knot within the past two years — used mostly savings to pay for costs, 24% paid with credit cards, according to a report by LendingTree. The site polled 1,050 newlyweds in early March.

A separate report by Zola, based on a survey of 6,000 couples getting married in 2025, found that 31% of engaged couples polled plan to use credit cards to pay for their wedding, including using points or applying for new cards.
“If you’re strategic, a credit card can be an amazing tool,” said Matt Schulz, chief credit analyst at LendingTree.
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Otherwise, a credit card can be a slippery slope, leading couples to walk down the aisle with long-lasting and expensive debt, experts say.
About 67% of surveyed newlyweds took on debt for their wedding, according to LendingTree.

For new cards, the average annual percentage rate, or the borrowing cost, is 24.35%, the highest since December, LendingTree found.
“Ultimately, a beautiful wedding should never come at the cost of financial stress to a new marriage,” said Gloria Garcia Cisneros, a certified financial planner at LourdMurray, an investment and wealth management firm.

‘Make those savings work even harder for you’

Sharon Dominick | Photodisc | Getty Images

Weddings are becoming more expensive every year. The average cost for a wedding in 2025 is expected to be $36,000, according to Zola. That’s up from $33,000 in 2024, and $29,000 in 2023.
If you have savings set aside to cover your wedding costs, charging the expense to a credit card and then immediately using those savings to pay off the bill can help you earn rewards such as points or miles, said Schulz.
Some credit cards offer big sign-up bonuses when you spend a set amount on the card within a short period of opening it. That might be more than you spend on normal expenses, but within reach if you have big expenses — such as wedding-related purchases and deposits — coming up.
By immediately paying that charge off with your savings, you can take advantage of the rewards for things such as your honeymoon, Schulz said.
“It’s a way to make those savings work even harder for you,” he said.
Using a credit card can have other advantages, too. Credit cards offer layers of federal protection that can help cardholders dispute charges and get a refund if things go awry with an item or service purchased with a card, experts say.
Some cards also offer purchase protections, a form of insurance against theft or damages, per NerdWallet. Make sure to read the fine print of what your credit card offers and how long the terms last.

Don’t take on debt for a ‘short-term event’

However, the key with credit cards “is to pay in full,” said Ted Rossman, a senior industry analyst at Bankrate.
“I definitely would not recommend putting wedding expenses on a card if you’re going to be dragging that out over time,” he said.

Not paying the balance off will leave you with high-interest debt as you start your new marriage.
Nearly a quarter, or 24%, of newlyweds married within two years of the survey are still paying the debt off, according to LendingTree. Of those that still owe money, 47% said they will finish paying the debt in six months to a year.
“You don’t want to sacrifice your long-term well-being for a short-term event,” Rossman said.
A 0% APR credit card can be a tool for wedding payments, as you’ll be paying little to no interest on outstanding balances for a period of time. However, make sure to finish paying off the card before the promotion expires, experts say. Otherwise, whatever balance is left will then get interest tacked on.

Factor in credit card fees, cash discounts

As you begin to plan the wedding and reach out to vendors, ask if they accept credit cards as a form of payment, said Jason Rhee, a wedding planner in Los Angeles.
Some vendors might take only cash or check payments, while others might charge additional processing fees for credit cards, Rhee said. Such additional charges can range from 1.5% to 3.5%, according to Bankrate.
Assess whether paying the extra cost is both affordable and worth it to you, or if it’s best to use a different form of payment with the vendor, said Lauren Kay, executive editor of The Knot.
What’s more, some vendors may offer discounts for payments in cash.

Wedding insurance trumps credit protections

While credit cards can offer certain protections to incurred payments or purchases, they might not offer broader protections or policies to cover larger expenditures, such as the reception or the venue, Kay said.
“In most instances, your credit card wouldn’t offer any real benefit if something were to go wrong with a purchase of that magnitude,” said Kay.
For such expenses, wedding insurance policies can be a good option to consider. They help protect you from unexpected risks such as extreme weather, theft or a vendor who didn’t show up, said Kay.
Wedding insurance policy pricing can range from less than $100 to more than $1,000, according to NerdWallet, depending on the size of your policy and the kinds of coverage.
“It’s important to think about what you’re hoping to protect,” Kay said. More

High earners often feel stuck financially due to rising costs, debt and lifestyle inflation.
So-called “HENRYs,” or “high earners, not rich yet,” may still live paycheck to paycheck, or carry credit card debt.
Experts say budgeting, tracking your net worth and setting financial goals are key to feeling secure.

About 14% of all U.S. households make $200,000 or more per year, according to 2023 Census data.
But a significant salary hasn’t translated to big account balances for some of these consumers — which experts have dubbed “HENRYs,” or “high earners, not rich yet.”

Rising costs, debt and lifestyle creep can leave them feeling stuck, experts say. Nearly two-thirds, or 62%, of people with salaries over $300,000 a year struggle with credit card debt, a new survey from BHG Financial found. Other reports have found many six-figure earners still live paycheck to paycheck.
“Earning doesn’t actually make you feel rich; spending it does,” said Sabrina Romanoff, a clinical psychologist. “If most people spent 99% of their paycheck, they’d feel quite rich. And it’s the paradox here. When we’re in accumulation mode, it’s very difficult to feel rich.”
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Americans say they would need to make $520,000 a year, on average, to feel rich, according to a 2024 Bankrate survey.
The more money people earn, the more they say they need to feel comfortable. Americans making under $50,000 said they needed an average $157,000 a year to live comfortably, while those making at least $100,000 said they would need $246,000.

‘I feel privileged, but I do not feel rich’

Marie Incontrera, 39, pictured at her apartment in Manhattan.
Kaan Oguz | CNBC

Marie Incontrera, 39, worked as a professional composer, bandleader and pianist before launching her virtual assistant business in 2016. She then expanded her business during the pandemic into a digital marketing consulting agency.
The career pivot has multiplied her income. Incontrera anticipates her business’ revenue for 2025 to be around $1.4 million. She expects to take an owner’s draw of $300,000 to $400,000 this year.
“I had a pretty successful career as a musician through most of my 20s,” Incontrera told CNBC. “But the thing they don’t tell you about having a career as a musician in music school is that you can be playing Carnegie Hall, which I was, and I was making $15,000 a year.”
Despite her income going from $15,000 to $300,000 per year, Incontrera still doesn’t feel rich.
“I would have thought back then that the amount of money that I have in the bank right now, I would be rich, right? I would have just thought, ‘Oh, yeah, she’s made it’ … and I don’t feel that way,” she said. “I have more money anxiety, almost, now than I ever did in my 20s.”

“I feel very lucky. I feel privileged, but I do not feel rich,” Incontrera said. “I know that I am on a hamster wheel with my business. I actually really love the hamster wheel. I love what I do, but I also realize that I can’t stop.”
That’s not unusual, experts say.
“It can be pretty easy for someone to feel like, I’m making really good money, but I don’t have a lot of discretionary income,” said Kamila Elliott, CEO of wealth management firm Collective Wealth Partners in Atlanta, and member of the CNBC Financial Advisor Council.
“One of the things I focus on with my clients is a budget should be a representation of your values,” Elliott said. “The issue is you can’t value everything … You have to pick maybe one or two things where you’re going to focus your discretionary spending and then take that extra and reroute that to savings so you can start feeling rich.”
Watch the video above to learn how spending habits can leave even high earners feeling like they’re on a never-ending hamster wheel. More

President Donald Trump said the administration is considering a rebate for some Americans from the influx of tariff revenue.
If authorized, it’s unclear whether the rebate could come as a stimulus check or another form of tax relief.
U.S. customs duties totaled roughly $27 billion for June, which was a 301% gain from the previous year.   
But the rebate idea could face financial challenges, experts say.

U.S. President Donald Trump talks to reporters as he departs the White House on July 25, 2025 in Washington, DC. Trump is traveling to his Balmedie golf courses in Scotland this week.
Chip Somodevilla | Getty Images

President Donald Trump said the administration is considering a rebate for some consumers from revenue raised by higher tariffs on U.S. trade partners.
When asked by a reporter on Friday at the White House about a possible rebate for Americans from tariff revenue, Trump said: “We’re thinking about that. We have so much money coming in, we’re thinking about a little rebate.”

“The big thing we want to do is pay down debt,” Trump said. “But we’re thinking about a rebate.”
“A little rebate for people of a certain income level might be very nice,” he said.
It’s unclear whether a rebate could happen without Congressional approval. If enacted, it’s unknown whether the rebate would come via stimulus checks or another form of tax relief, experts say.
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“It’s kind of unlikely that they would go ahead and do that,” said Tax Foundation senior economist Alex Durante. “But I wouldn’t put anything past this administration.”

The Treasury Department reported an unexpected surplus for June, with a boost from tariff revenue. Customs duties totaled roughly $27 billion for the month, compared to $23 billion in May. The duties reflect a 301% gain from June 2024.   

I would prefer that the revenue was used for deficit reduction rather than just cutting checks to people.

Alex Durante
Tax Foundation senior economist

Trump’s rebate idea comes as a chorus of lawmakers and policy experts voice concerns about the federal budget deficit.
“I don’t think [a rebate] would be particularly good policy,” Durante said. “I would prefer that the revenue was used for deficit reduction rather than just cutting checks to people.”
Enacted in early July, Trump’s “one big beautiful” tax-and-spending package could add an estimated $3.4 trillion to the deficit through 2034, according to a conventional score released by the Congressional Budget Office this week.

Rebates could ‘put upward pressure on prices’

The motivation for sending the direct payments would be different than they were during the Covid pandemic, when many households were losing income or unable to work, said Joseph Rosenberg, senior fellow at the Urban-Brookings Tax Policy Center’s tax and income supports division.
Now, the federal government is imposing tariffs that will cost U.S. households, and this would be a way of helping those individuals and families, Rosenberg said.

Because Congress just passed the very expensive “big beautiful” budget and tax legislation, rebates to individuals could exacerbate the effects on the federal budget deficit, he said.
The rebates would reinforce the inflationary effects of the tariffs that already exist, Rosenberg said.
“People will go out and spend some of that money, and that would further put upward pressure on prices and probably magnify inflationary effects,” Rosenberg said.
Pandemic-era fiscal stimulus contributed to an increase in inflation of about 2.6 percentage points in the U.S., according to 2023 research from the Federal Reserve Bank of St. Louis. More

President Donald Trump’s “big beautiful bill” changes the taxation policy on certain kinds of student loan forgiveness.
Borrowers who benefit from debt cancellation under income-driven repayment plans, or IDRs, could be hit with a hefty tax bill, starting in 2026.
One expert estimated the tax burden for such debt relief could range from $7,000 to $12,000.

Luis Alvarez | Digitalvision | Getty Images

Student loan forgiveness may be taxable again

The American Rescue Plan Act of 2021 made student loan forgiveness tax-free at the federal level through the end of 2025. Trump’s “big beautiful bill,” while making other specific kinds of student loan relief tax-free, did not extend or make permanent that broader provision.
In theory, lawmakers could move to protect the relief from taxes before the end of the year, but borrowers shouldn’t count on it, experts say.
“Republicans do not like [student loan] forgiveness, and are unlikely to make it tax-free,” said higher education expert Mark Kantrowitz.
Without action from Congress, student loan borrowers who get their debt forgiven under the U.S. Department of Education’s income-driven repayment plans, or IDRs, would face a federal tax bill again starting in 2026. (IDR plans cap people’s monthly payments at a share of their discretionary income and cancel any remaining debt after a certain period, typically 20 years or 25 years.)
That tax bill at the end of repayment could be significant — the IRS typically counts forgiven debt as income, Kantrowitz said.

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The average loan balance for borrowers enrolled in an IDR plan is around $57,000, Kantrowitz said. For those in the 22% tax bracket, having that amount wiped out would trigger a tax burden of over $12,000, Kantrowitz estimates. Lower earners, or those in the 12% tax bracket, would still owe around $7,000.
Borrowers could also be on the hook for state taxes following their student loan forgiveness. (Many states mirror the federal government’s tax policy on student loans, meaning more states may start to levy the aid next year as well, experts say.)
Consumer advocates have long criticized the practice of taxing borrowers on their student loan forgiveness. They say that borrowers who enroll in IDR plans tend to struggle to keep up with their bills, and that the government’s policy often wipes away one’s student debt just to saddle them with a tax debt.
“Forcing borrowers to remain drowning in debt is cruel,” said Persis Yu, deputy executive director and managing counsel at the Student Borrower Protection Center.

‘Big beautiful bill’ makes other student relief tax-free

The “big beautiful bill” did permanently make it so that student loan forgiveness in cases of death or disability are tax-free, Kantrowitz said.

Employees who receive help from their company paying down their debt also won’t owe any taxes in the future on that relief, due to the legislation, he added. The current allowable annual tax-free contribution from firms is $5,250, but that amount will increase with inflation.
Public Service Loan Forgiveness has always been, and will continue to be, tax-free on the federal level, under its terms. (It’s possible your state will tax you on the aid). That program allows government and certain non-profit workers to get their debt excused after a decade of payments. More

Despite escalating political pressure from President Donald Trump, the Federal Reserve is widely expected to hold its benchmark short-term borrowing rate steady at its meeting next week.
All sorts of consumer borrowing costs are impacted by the what the central bank decides.
From mortgage rates and auto loans to credit cards and savings accounts, here’s a look at how the Fed affects your finances.

Ahead of next week’s Federal Reserve meeting, relations between President Donald Trump and Fed Chair Jerome Powell have hit a low.
“Families are being hurt because Interest Rates are too high,” Trump wrote in a Truth Social post on Wednesday.

Trump has said he wants the Fed to sharply lower interest rates by as much as 3 percentage points to spur economic growth. (Although the central bank typically adjusts its benchmark in 25-basis-point increments, rates were slashed to near zero as recently as the Covid pandemic. “The Fed only resorts to such extreme measures in response to severe economic distress,” said Greg McBride, chief financial analyst at Bankrate.)
The president has argued that maintaining a federal funds rate that is too high makes it harder for businesses and consumers to borrow and puts the U.S. at an economic disadvantage to countries with lower rates.
The Fed’s benchmark sets what banks charge each other for overnight lending, but also has a trickle-down effect on almost all of the borrowing and savings rates Americans see every day.
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Powell said earlier this month that the Fed likely would have cut rates by now, but that it has held off due to the uncertainty and inflation risks posed by Trump’s tariff agenda. Many economists say that the full impact from tariffs on pricing has only just started to be felt, and inflation could pick up in the second half of the year.

Since December, the federal funds rate has remained steady in a target range of 4.25% to 4.5%. Futures market pricing is implying almost no chance of an interest rate cut when the Fed meets next week, according to the CME Group’s FedWatch gauge. Market pricing indicates the Fed is much more likely to consider a rate cut in September.
Once the fed funds rate comes down, consumers could see their borrowing costs start to fall as well.
However, “there is no guarantee this would translate into lower rates,” said Brett House, an economics professor at Columbia Business School — “largely because many types of borrowing, mortgage rates specifically, are not benchmarked off the Fed.”
From mortgage rates and auto loans to credit cards and savings accounts, here’s a look at how the Fed affects your finances.

Mortgages

Trump said in a July 23 social media post that “Housing in our Country is lagging because Jerome ‘Too Late’ Powell refuses to lower Interest Rates.”
But fixed mortgage rates, specifically, don’t directly track the Fed: They are largely tied to Treasury yields and the U.S. economy. As concerns over tariffs and the broader economy drive Treasury yields higher, mortgage rates also remain stubbornly high.

The average rate for a 30-year, fixed-rate mortgage is currently near 6.8%, according to Bankrate. The nationwide problem of limited inventory and housing affordability is a key issue, regardless of the Fed’s next move.
The housing market “continues to struggle under high home prices as well as high mortgage rates,” Eugenio Aleman, chief economist at Raymond James, said in a statement. The median price of a home sold hit a record high in June, according to recent data.

Credit cards

Most credit cards have a variable rate, so there’s a more direct connection to the Fed’s benchmark.
Yet, regardless of the central bank’s next move, credit card rates are high and likely to stay there. The average annual percentage rate is currently just over 20%, according to Bankrate, not far from last year’s all-time record. 

“Credit card rates have been in a holding pattern at a very elevated level,” McBride said.
Even if APRs were 3 percentage points lower, that would not significantly ease the burden of a revolving balance, most experts say.

Auto loans

Auto loan rates are fixed for the life of the loan. Payments keep getting bigger because car prices are rising, in addition to pressure from Trump’s plan to impose higher tariffs on foreign-made vehicles and car parts.
Currently, the average rate on a five-year new car loan is 7.22%, according to Bankrate.
“Consumers are continuously stretching to afford new vehicles in this market,” said Ivan Drury, Edmunds’ director of insights. Now, the share of new-car buyers with a car payment of more than $1,000 a month is at all-time high.

Student loans

Savings

On the upside, top-yielding online savings accounts still offer above-average returns and currently pay more than 4%, according to Bankrate.
While the central bank has no direct influence on deposit rates, the yields tend to be correlated to changes in the target federal funds rate — so holding that rate unchanged has kept savings rates above the rate of inflation, which is considered a rare win.
“It’s not a good time to be a borrower, but it’s a great time to be a saver — lean into that,” said Bankrate’s McBride.
Subscribe to CNBC on YouTube. More

President Donald Trump this week said the administration is “thinking about” ending capital gains taxes on home sales to bolster the housing market.
The proposal would require approval from Congress, and it’s unclear whether the measure has broad support.
However, there are other ways to reduce capital gains taxes after a home sale, financial experts say.

Martin Barraud | Ojo Images | Getty Images

As President Donald Trump weighs ending capital gains taxes on home sales to bolster the housing market, experts say it’s possible to lower your bill without legislative changes.
When asked about the idea this week in the Oval Office, Trump told reporters, “we’re thinking about that.”

Under current law, you can trigger capital gains taxes for a primary home sale if your profit exceeds $250,000 for single filers or $500,000 for married couples filing together.
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If your home sale profit is above $250,000 or $500,000, you pay capital gains tax of 0%, 15% or 20%, depending on your taxable income. (You calculate taxable income by subtracting the greater of the standard deduction or itemized deductions from adjusted gross income.)
Some higher earners also owe a 3.8% surcharge, known as net investment income tax, on home sales profits above the thresholds.

Who pays capital gains taxes on home sales

While home prices have soared over the past couple of decades, most sellers are under the $250,000 or $500,000 profit thresholds, experts say.

Those impacted are typically “older homeowners, people who have been in their house for many, many years,” said William McBride, chief economist at the Tax Foundation. 

Roughly 34% of homeowners could exceed the $250,000 threshold for single filers, and 10% could be above the $500,000 limit for married couples filing jointly, according to a 2025 study from the National Association of Realtors, which has advocated for capital gains reform for home sales.
If you’re planning to sell your home and expect profits above the thresholds, here are some ways to lower your capital gains tax bill, experts say.

Reduce your home’s ‘cost basis’

Many home sellers don’t know they can trim capital gains by increasing their “cost basis,” or the home’s original purchase price, according to Boston-area certified financial planner Catherine Valega, founder of Green Bee Advisory. She’s also an enrolled agent, which is a tax license to practice before the IRS.
You can increase your basis by adding “capital improvements,” such as renovations that “improve the resale value of your home,” she said.  
Some examples of these updates include room additions, landscaping, or adding new systems, according to the IRS.

However, capital improvements do not include repairs and maintenance that are “necessary to keep your home in good condition,” such as repainting, fixing leaks or replacing broken hardware, the agency said.
Regardless of whether the law changes, you should keep records of your home’s capital improvements, which could help lower taxes when you sell, Valega said. More

Actress Sydney Sweeney helped bring clothing retailer American Eagle’s shares into the current meme stock mania.
American Eagle’s high short interest and inherent brand recognition make it a prime candidate for meme-obsessed retail traders.
Sweeney will lead a campaign for the company centering on denim jeans.

Sydney Sweeney attends the 10th Annual LACMA ART+FILM GALA at the Los Angeles County Museum of Art on November 06, 2021 in Los Angeles, California.
Presley Ann | Getty Images Entertainment | Getty Images

Actress Sydney Sweeney helped bring American Eagle shares into the latest round of meme stock mania on Thursday.
The “Euphoria” and “Anybody But You” star will headline a fall campaign for the clothing retailer, American Eagle announced Wednesday. Shares of the company surged more than 12% in Thursday premarket trading.

Stock chart icon

American Eagle, 1-day

Thursday’s jump makes American Eagle poised to join the ranks of a new class of meme stocks that has emerged this week. American Eagle’s high short interest and inherent brand recognition make it a prime candidate for meme-obsessed individual investors, who have been sending specific stocks on volatile rides in recent days.
GoPro and Krispy Kreme came into the fold after the pair saw wild trading in Wednesday’s session. Earlier in the week, meme traders had focused attention on Opendoor Technologies and Kohl’s.
More than 13% of American Eagle shares available for trading are sold short, according to FactSet data. The stock generated discussion among users on the Wall Street Bets Reddit page, a popular forum for retail investors, beginning Wednesday night. As investors betting against the stock move to cover their hefty short position, it can fuel some artificial buying in the shares.
Sweeney’s campaign will center on American Eagle’s denim jeans, according to the company. That comes as retailers lean into the growing preference for the fabric amid a boom in popularity for Western styles.
“With Sydney Sweeney front and center, she brings the allure,” Jennifer Foyle, the company’s president and executive creative director, said in a statement. “We add the flawless wardrobe for the winning combo of ease, attitude and a little mischief.”
Thursday’s action can provide a reprieve for the battered stock, whose shares have tumbled around 35% so far in 2025 through Wednesday’s close. More

Most Americans say Social Security is important, regardless of their age or political affiliation, according to a new survey from AARP.
Yet confidence in the program’s future has declined in the past five years, the survey finds.
Here’s what Americans should know, but often get wrong, about the program.

Alistair Berg | Digitalvision | Getty Images

A majority of Americans — 74% — say they are somewhat to very informed about how Social Security works, according to a new survey from AARP. Yet the results show they could stand to know more about certain program features.
Almost all respondents, 96%, say Social Security is important, regardless of their age or political affiliation.

Even with Social Security’s popularity, confidence in the future of the program has dropped 7 percentage points in the past five years — to 36% in 2025 down from 43% in 2020, AARP found.
Social Security provides monthly benefit checks to more than 70 million Americans, including retirees, disabled individuals and families. The program, which was created with legislation that President Franklin Delano Roosevelt signed into law on August 14, 1935, is now approaching its 90th anniversary.
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More than three-quarters of AARP survey respondents — 78% — worry Social Security won’t provide enough to live on in retirement.
Meanwhile, the number of people collecting Social Security is expected to grow to 82 million by 2035, AARP CEO Myechia Minter-Jordan said during a press call on Tuesday.

“We can’t afford for politicians to play games with the future of Social Security, and we’ll fight as hard and as long as we need to ensure that Social Security remains the economic bedrock of retirement for generations to come,” Minter-Jordan said.
Here are two key areas of the program that Americans tend to misunderstand:

1. Most don’t understand trust fund depletion dates

A Social Security Administration office in Washington, D.C., March 26, 2025.
Saul Loeb | Afp | Getty Images

Every year, new estimates are released regarding the longevity of the Social Security trust funds that the program relies on to help pay benefits.
Earlier this year, Social Security’s trustees projected the program’s combined trust funds will last until 2034. At that time, 81% of scheduled benefits would still be payable, as payroll tax contributions into the program continue.
Yet the AARP survey found 47% of respondents wrongly believe that retirement benefits would be cut by at least half when the trust funds are depleted, rather than by the estimated 19% cut the trustees currently project.
Separately, just 34% of respondents to the survey correctly said Social Security benefits will be paid at a reduced level once the trust funds are exhausted.

2. Many don’t know ages to claim retirement benefits

When it comes to claiming Social Security, eligible individuals may choose to start their monthly retirement checks as early as age 62 or delay for increased benefits until up to age 70.
But there is a drastic difference in the dollar amount of payments beneficiaries may receive depending on their start date.
At full retirement age — typically ages 66 to 67 depending on date of birth — retirees may receive 100% of the benefits they’ve earned. Retirees take a permanent reduction in benefits for claiming earlier than that.
For a beneficiary eligible for a $1,000 benefit at age 67, claiming at 62 would reduce monthly benefits by 30%, or down to $700 per month, according to the Social Security Administration.

Prospective beneficiaries who wait even longer stand to receive an 8% benefit boost for every year they delay up to age 70.
Yet the AARP survey found that many individuals are unaware of how claiming ages could affect their benefits. The results showed 41% didn’t know the earliest claiming age, while 66% did not know the age to maximize benefits.

Younger Americans are less confident in benefits

Damircudic | Getty Images

While Social Security is popular among Americans, confidence in the program is “tempered,” according to AARP’s research.
Younger Americans tend to have lower confidence in Social Security, with Americans in their 30s being the most pessimistic, the survey found.
“Some of this could be that younger people just haven’t experienced Social Security yet and don’t understand how the program works,” said Bill Sweeney, senior vice president of government affairs at AARP.  “Actually receiving Social Security changes how people view the program.” More