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There are a few things that you can do to maximize the monthly payments you receive in retirement from Social Security. Work at least 35 years is one. The other is to defer collecting on your retirement benefits until you are 70 years old.
Robert Brokamp, CFP, Senior Retirement Advisor with The Motley Fool, says that you only have to live to be about 80 for deferring to make sense. And for those who are already 65, odds are that they will live well into their 80s. The maximum monthly payment for Social Security is currently around $4,800 per month. Brokamp points out that these payments help mitigate longevity risk, since they continue as long as you are alive.
Sarah Schultz-Lackey, Dallas Regional Public Affairs with the Social Security Administration says there are scammers that are targeting Social Security benefits and people should be aware of the risks these scammers present. More information about these threats can be found here.