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Do You Regret Claiming Your Benefits at 62? - Kiplinger
Finally, you are 62 and eligible for your Social Security benefits. You wanted to make sure you got all your money back, so you immediately applied for benefits, but you quickly realized the payments were too small to meet your financial needs. Don’t worry, there are options available to you to increase your benefit.
The first option, if you haven’t received your benefits for 12 months yet, is to cancel your application. The catch is, you will have to pay back all the money you received. If you have savings, it may be financially beneficial to tap them to receive a higher monthly benefit later. This can only be done once, and it will be like you never applied for your benefits. If you can’t afford to pay the money back, you can suspend them until your full retirement age (FRA) to receive a higher benefit. The amount, however, will be less than your FRA amount due to the payments you have already received.
Maurie Backman has written an article outlining options if you regret claiming benefits early, including ways to increase your benefit amount and situations where delaying Social Security may be beneficial. To read the full article, click here……
If you have questions about what to consider before starting your Social Security benefits, email ssadvisor@amacfoundation.org or call an advisor at (888)750-2622.
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