The full retirement age for Social Security – the age in which you get 100% of the program's benefits – has risen over recent years.

Very few people will qualify for the maximum Social Security benefit. According to the Social Security Administration, only around 6% of people earn over the wage base limit in a given year. That leaves a ton of people who will never qualify for the maximum benefit.

The second round of May’s Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, will go out to retirees in five days.