According to this Kiplinger article, Social Security allows for one do-over:
4 Ways Early Claimers Can Boost Social Security Benefits - Yahoo! Finance
"Within 12 months of first claiming benefits, you can file Form SSA-521, "Request for Withdrawal of Application." You will have to repay all the benefits you received, including any spousal benefits. You can then restart benefits in the years ahead as your benefit level rises with age. Note: You are limited to one withdrawal of your application."
and another
"The strategy of filing and suspending typically applies to couples. But suspending a benefit can also help early claimers boost their own benefits down the line. If you took benefits early, you can choose to suspend your benefit once you hit full retirement age. You will stop receiving payments, but you will then earn delayed retirement credits of 8% a year until age 70. Such a move mitigates the permanent reduction of claiming benefits early. Let's say at your full retirement age you would have received $2,000 a month. But you claimed early at age 62, reducing your lifetime benefit by 25%, to $1,500 a month. At age 66, you could decide to suspend your benefit to earn delayed retirement credits of 8% a year. If you then waited until age 70 to reapply, your lifetime monthly benefit would be $1,980, plus four years' worth of annual cost-of-living adjustments."
I know that some folks on this forum need to weigh quite a few variables as to when to take SS and I thought they might find these as possible strategies.
omni
4 Ways Early Claimers Can Boost Social Security Benefits - Yahoo! Finance
"Within 12 months of first claiming benefits, you can file Form SSA-521, "Request for Withdrawal of Application." You will have to repay all the benefits you received, including any spousal benefits. You can then restart benefits in the years ahead as your benefit level rises with age. Note: You are limited to one withdrawal of your application."
and another
"The strategy of filing and suspending typically applies to couples. But suspending a benefit can also help early claimers boost their own benefits down the line. If you took benefits early, you can choose to suspend your benefit once you hit full retirement age. You will stop receiving payments, but you will then earn delayed retirement credits of 8% a year until age 70. Such a move mitigates the permanent reduction of claiming benefits early. Let's say at your full retirement age you would have received $2,000 a month. But you claimed early at age 62, reducing your lifetime benefit by 25%, to $1,500 a month. At age 66, you could decide to suspend your benefit to earn delayed retirement credits of 8% a year. If you then waited until age 70 to reapply, your lifetime monthly benefit would be $1,980, plus four years' worth of annual cost-of-living adjustments."
I know that some folks on this forum need to weigh quite a few variables as to when to take SS and I thought they might find these as possible strategies.
omni
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