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Claimed Benefits Too Early? You Have Options
If you signed up for Social Security benefits at age 62, the earliest possible claim date, you receive reduced benefits for life. If you regret that decision, you may be able to take it back. You can change your mind about claiming early as long as it’s been less than one year since you signed up and you return all benefits paid based on your work history. If you do this, it’s essentially as if you’ve never claimed at all, and when you sign up again later, checks will be larger. There is also another way. Once you reach full retirement age, you can contact the Social Security Administration (SSA) and ask it to suspend your benefits. In this case, you won’t receive any more checks until you either request that the SSA start sending them again or you turn 70. In the latter case, benefits will start automatically in the month you turn 70. Doing this will earn you delayed retirement credits, which increase your future checks. Every month you delay benefits past your FRA increases your benefit, equivalent to 8% per year. Read Kailey Hagen’s full article on this topic here.