Social Security is an essential part of most people's retirement plans. But figuring out how to make the most of Social Security is extremely complicated. To maximize your benefits, it's important to know about innovative strategies designed to take advantage of the Social Security laws.
In the following video, Dan Caplinger, The Motley Fool's director of investment planning, examines a little-used strategy: suspending benefits. Dan notes that those who file early for Social Security often change their mind about whether they need benefits immediately. After you reach full retirement age, you can suspend your benefits, and in exchange, you'll get bigger monthly payments when you do choose to start taking them again. With payment increases of 8% for each year you wait, Dan observes that the benefits can be sizable.