Social Security Expert Shares How the ‘Delay’ Trick Pays You an Extra $26K Each Year and a Practical Way to Maximize Your Benefits

Social Security is often a lifeline for older or disabled Americans, offering retirement benefits and financial protection.

With the right knowledge and tips, Americans can maximize their Social Security program payments.

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Social Security taxes are automatically withheld from most Americans’ paychecks, so they receive monthly payments when they retire, typically starting at age 60.

The amount Americans receive from Social Security depends on their lifetime earnings and when they decide to start receiving benefits.

The bulk of Social Security payments go to retired Americans and their dependents, who accounted for 77.8% of total benefits paid in 2023, according to the Social Security Administration.

However, the program also provides benefits to workers who have become disabled and to families in which a spouse or parent has died.

To help Americans navigate the world of Social Security, The US Sun spoke with Shalae Morgan – an expert on all things financial.

Morgan, a content creator and entrepreneur, shares financial information and advice with her more than 513,000 YouTube followers (@shalaemorgan).

MAXIMIZING PAYMENTS

The financial expert first investigated how Americans could receive maximum Social Security retirement benefits.

Americans can receive benefits when they reach age 62 and if they have worked and paid Social Security taxes for at least 10 years, according to the Social Security Administration.

Morgan advised beneficiaries to delay receiving their benefits for as long as possible.

“To maximize Social Security payments, delaying collections is an excellent strategy,” she said.

Morgan explained that if Americans retire at age 62 in 2024, the maximum benefit they can receive will be $2,710 per month.

If Americans wait until full retirement age (FRA) in 2024, they could receive up to $3,822 in benefits – about $1,100 more per month.

The FRA depends on the year you were born:

• 1943–1954: 66 years
• 1955–1959: 66 years and a certain number of months, increasing by two months each year:
  • 1955: 66 and 2 months
  • 1956: 66 and 4 months
  • 1957: 66 and 6 months
  • 1958: 66 and 8 months
  • 1959: 66 and 10 months
• 1960 or later: age 67

Those who wait until age 70 to start their benefits receive even more money each month.

“If you retire at age 70 in 2024, you could receive up to $4,873, which is a significant increase from previous ages,” Morgan said.

Those who retire at age 70 can potentially receive $2,163 more per month in benefits, which equates to $25,956 more per year.

“So the longer you wait to collect Social Security, the better off you will be.”

STAYING INFORMED

Morgan suggested that Americans maximize their Social Security benefits by staying informed.

The expert noted that attending a Social Security seminar or workshop is a great way to determine the right retirement age depending on your situation.

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Classes are often free and virtual and can provide important information about benefits.

Morgan advised knowing what questions to ask before class.

Because rights vary depending on individual circumstances, having specific questions in mind can ensure you are prepared and help maximize your benefits.

“In the coming years, more than 11,200 Americans will turn 65 every day,
which means many people will be entitled to Social Security benefits,” she noted.

“However, many of them are unaware of what they are entitled to, so it is essential to be informed and make the most of the benefits.”

The US Sun previously spoke with Morgan about other financial topics.

The expert paid off $173,000 in student loans in less than two years and shared seven tips on how to do it.

Additionally, Morgan discussed tricks for getting free money and how “reinventing yourself” can find alternative sources of income.