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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.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.