One positive aspect of Social Security is that the program is set up to adapt to economic changes. Each year, for example, Social Security benefits are eligible for an automatic cost-of-living adjustment.

Social Security only has nine years left until it becomes insolvent, and in light of the Social Security Fairness Act's recent passage, that might be too optimistic. The program is staying afloat by draining money from its trust funds,

Millions of retired Americans are set to benefit, but there are concerns the program could run out of funds sooner.

You may be inclined to delay your Social Security claim if you like the sound of that. But you should know that there's a risk involved that could make it a less optimal choice. Y

Social Security plays a big role in many Americans' retirement security. In fact, 40% of Americans ages 65 and older rely on Social Security for at least half their income, according to the AARP.