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Understanding the “Do Over” Options and Its Implications, Both Near-term and Long-Range - finance.yahoo.com
It often happens that a claimant elects to draw benefits at the earliest opportunity–age 62–and then sees a change in circumstances (or, perhaps, a realization of what the substantially reduced benefit might mean in later years) that causes second-guessing of this decision. Many are aware that Social Security offers an off-ramp to help recover from the impact of this early filing decision, although there are some key non-negotiable restrictions. Negatives aside, a long-term look at what reversing this decision could mean to retirement finances might be worth considering, and a post by Yahoo!Finance contributor David Beren provides solid background data to help understand these financial impacts. His post, which you can read in full here, discusses both the downside of a first-year reversal and the longer-range impact on lifetime benefits. If you’re in this situation, and on the fence, it’s a good read.
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