Maximizing Your Social Security Benefits

Social Security recipients are receiving a cost-of-living increase in 2023 that is the largest in decades, with an 8.7% increase. The average Social Security payment is increasing from $1,681 a month to $1,827. Often the cost-of-living increase is swallowed up by a similar increase in the Medicare Part B monthly premium, but this year the standard monthly Medicare Part B premium is dropping from $170.10 to $164.90, so Social Security recipients who are on Medicare are netting out a big positive increase.

More than 95% of Social Security recipients don’t maximize their benefits, according to a study by the Center for Retirement Research at Boston College. Over 40% of Americans file at age 62, minimizing their benefits if they live into their eighties. By minimizing their benefits, Americans are missing out on tens of thousands of dollars of benefits, if not more, according to Larry Kotlikoff, author of a best-selling book on maximizing social security benefits that was published in 2015.

The problem with maximizing Social Security benefits is how complicated it has become and is likely to remain so for the next several years. On Wednesday, February 22, 2023, from noon to 1:30 p.m., Susan Moore of Moore Wealth Management, Inc. (MWM) will conduct a complimentary and without obligation “Maximizing Social