Local financial expert shares strategies to maximize Social Security benefits

MILWAUKEE (CBS 58) -- The Social Security Administration recently announced an 8.7% cost-of-living adjustment for 2023, the largest increase since 1982. That according to Tony Drake, Founder and CEO of Drake and Associates, who spoke with us on Wednesday, April 12.

He discussed ways to maximize Social Security benefits and addressed concerns about the program's future solvency.

Drake noted that the Social Security trust fund could be depleted by 2034, which would lead to a reduction in benefits. He outlined three potential solutions: removing the wage cap, increasing the retirement age or raising the payroll tax.

To maximize Social Security benefits, Drake advises individuals to verify their income, know when to collect, take advantage of spousal benefits and create a strategy. Regularly checking earnings records, delaying benefit claim, and understanding spousal benefits can help optimize retirement income.