Local financial expert shares strategies to maximize Social Security benefits

-
2:51
How far did super fans travel to attend the 2025 NFL Draft in...
-
2:27
Football fans don’t let rain, wind dampen their spirits during...
-
1:13
Protesters gather in Milwaukee, call for charges against Judge...
-
2:22
Bucks come home for Game 3, fans encouraged to wear green for...
-
2:59
Milwaukee County Circuit Judge Hannah Dugan arrested on charges...
-
2:04
Meet CBS 58’s Pet of the Week: Halo
-
5:33
CBS 58’s Feel Good Fridays: Art Walk, robotics and outdoor...
-
2:20
Another chance for showers then dry for the weekend
-
1:25
Police investigate fatal home invasion near 8th and Galena
-
7:25
Top prospects talk about excitement, nerves on NFL Draft red...
-
2:39
Youth homelessness is increasing in Wisconsin. One shelter hopes...
-
1:01
Packers legends Clay Matthews, Josh Jacobs share NFL Draft Experience
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.
For more information, visit Drake and Associates online by clicking here.