Social Security “Buyer’s Remorse” - Motley Fool
Most know that Social Security retirement benefits can be claimed as early as age 62, and many also know that waiting longer means a higher benefit. Despite the knowledge that claiming early means a permanently lower monthly payment, many are still enticed to claim early, perhaps only because they’ve contributed for their entire life and want to start reaping the reward for doing so. And to be sure, there are other valid reasons why claiming before full retirement age is the right thing to do. But what if you claim early and, upon reflection regret that you made that decision, you’re not doomed to live with that lower benefit forever, if you take advantage of one of two unique options for a claiming “do over.” This Motley Fool article by Katie Brockman explains how you can withdraw your Social Security application within 12 months, and how you can suspend your payments (thus increasing your later monthly payments) after you reach your full retirement age. Click here to read more.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. Learn more about it here…