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If you took SS early and wished you hadn't...
Old 12-02-2012, 09:06 PM   #1
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If you took SS early and wished you hadn't...

...this MarketWatch article says there are three ways to "undo" it:

1: Withdraw your claim, and start over: Only works during the first 12 months.

2: Get a job, get an Adjustment to the Reduction Factor (ARF): Go back to w*rk if you are under 66 and get a SS increase when you reach FRA.

3: Suspend your payments, get a raise: Suspend your payments between 66 and 70 to earn an 8% annual increase.

Took Social Security too early? Undo it! - MarketWatch

I was aware of 1 and 2, but not #3. Although I started SS at 62 and hit 66 tomorrow, I think I'll pass.
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Old 12-02-2012, 09:20 PM   #2
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Wahoo, this information will be of interest to only a few on this board, but for those few it is golden!

Would it be possible to put this info in the FAQ area?

Gracias.
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Old 12-02-2012, 09:33 PM   #3
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Quote:
Originally Posted by Ed_The_Gypsy View Post
Would it be possible to put this info in the FAQ area?
Ed, that's up to the real mods, but I'll pass along your request.

Glad you found the info helpful.
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Old 12-02-2012, 09:42 PM   #4
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Well, I am one that wish I hadn't. I didn't know about the 62/66/70 plan mentioned in other threads. Nor did I know about the later earnings and tax implications.
1. I am past the time limit having been retired almost 2 years.
2. Out of the question.
3. This is a very good information - thank you. This is something I may study. It seems that this will allow me to do take out more from my 401K IRA that will reduce my RMD. But then, my increased SS later may offset the RMD reduction. More spreadsheet work.
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Old 12-02-2012, 10:28 PM   #5
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I think one thing that is very obviously in the picture now that perhaps was not so clear before is that payments may decrease going forward, one way or another.

But they are not going to send you a bill for payments you have already banked. Or at least probably not. Well, they may make an exception for you if they decide you are wealthy.
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Old 12-03-2012, 08:28 AM   #6
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Quote:
Originally Posted by REWahoo View Post
2: Get a job, get an Adjustment to the Reduction Factor (ARF): Go back to w*rk if you are under 66 and get a SS increase when you reach FRA.
Shouldn't that be "BARF"?
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