hi everyone and welcome back to financial Futures today we're diving deep into a topic that's crucial for every American worker Social Security over the years most of us have been diligently contributing to the Social Security System paying into FICA taxes or self-employment taxes all with the hope of one day reaping the benefits but here's the big question how can you maximize your Social Security benefits in this video I'll share with you five strategies that can increase your Social Security benefits by anywhere from 24% to 54% Let's dive in before we jump into the strategies it's important to understand the different Social Security Options available these options can play a big role in how you approach your retirement planning retirement benefits this is the most common option where you receive benefits based on your own work record spousal benefits here you can receive benefits based on your spouse's work record either during the marriage or from a previous marriage survivor benefits if your spouse has passed away you may be eligible for survivor benefits based on their work record disability benefits for those diagnosed with a qualifying disability this benefit provides support typically at the same rate as the full retirement age benefit for today's discussion we'll focus on the first three options these are the most relevant when it comes to the strategies we'll be discussing now let's get into the strategies first up make sure you have 35 years of employment before filing for Social Security why is this important the Social Security Administration calculates your benefit based on your highest 35 years of earnings if you have fewer than 35 years The Missing Years will be counted as zero which will lower your overall benefit let's break it down Social Security takes your top 35 years of earnings adjust them for inflation and divides the total by 420 months which equals 35 years this gives you your average index monthly earnings Aime which is then used to calculate your primary Insurance amount Pia so if you're not at 35 years yet consider working a bit longer to fill in those zeros it can make a sign ific difference in your benefit amount already hit 35 years great but what if some of those years were low earning years in that case keep working if possible higher earning years can replace those lower earning years in the calculation boosting your lifetime earnings and ultimately your social security benefit for example if your income is higher now than it was in the early years of your career those High earning years will knock out the lower earning ones increasing your Aime and your benefit one of the most powerful strategies is to delay filing for your Social Security benefits beyond your full retirement age F each year you delay up to age 70 your benefit increases by approximately 8% that's a 24% increase if you wait until 70 for instance if your full retirement age benefit is $2,280 delaying until age 70 could increase your benefit to around $2,827 a substantial difference if you don't need the money right away and can draw from other sources this strategy can significantly boost your retirement income in the long run for married couples coordinating spousal benefits is crucial if one spouse has a higher earning record it may be beneficial for the lower earning spouse to claim spousal benefits while the higher earner delays their own benefits maximum izing the household's total benefit for example the lower earning spouse can start receiving benefits at their F while the higher earning spouse delays ensuring a higher Survivor benefit if needed lastly if you're planning to work and take Social Security before your full retirement age be mindful of the earnings test if you earn more than a certain amount your benefits will be temporarily reduced in 2024 the earnings limit is 20 $2,320 for those under F and $559,500 in the year you reach f for every $2 you earn over the limit $1 is withheld from your benefits however once you reach your fare there's no earnings limit and your benefit will be recalculated to give back any withheld amounts and there you have at five strategies to help you maximize your Social Security benefits whether you're close to retirement or just planning ahead these tips can make a significant difference in your financial future next we will talk about social security beneficiaries payments If you're receiving retirement disability SSDI Survivor spousal or sside benefits this video is for you I've got all the key dates and important announcements for September right here so let's get into it but before we start I want to say a huge thank you for likeing and sharing this video using the buttons right below your support means the world to me and if you're new here make sure to hit that subscribe button so you never miss out on vital updates like these We're All in This Together especially during these challenging times let's stick together and stay informed all right let's talk about the key dates in September this month is packed with important events especially for those on fixed incomes we'll go through the dates in chronological order so you know exactly when to expect your payments and crucial announcements first off if you're an SSI beneficiary you should have already received your payment on the one next we have September 3 which is a key date for some fixed income beneficiaries who receive payments on the three of every month then on September 11 those with birthdays between the 1 and 10 of the month will receive their Social Security checks following that if your birthday falls between the 11 and 20 you'll get your payment on the 18 finally for those born between the 21 and 31 your checks will arrive on the 25 now let's move on to some significant announcements on September 6th we'll get the non-farm payroll report this gives us a snapshot of the job market and overall economic health it's crucial because it affects everything from unemployment rates to average hourly earnings on September 11 we'll receive the next piece of the puzzle for your Cola cost of living adjustment this is the CPI inflation data for August this report is crucial because it directly impacts how much your Social Security benefits will increase next year finally September 30 marks the end of the federal fiscal year which means there's a lot of budgetary stuff happening that could affect everything from your benefits to potential government shed Downs keep an eye on that as you can see September is packed with crucial updates I'll be here every step of the way to break down what it all means for you make sure to subscribe if you haven't already like this video and share it with anyone who needs this information also drop your comments and questions below I love hearing from you thanks so much for watching take care and I'll see you in the next video