Whether you are collecting social security benefits now or looking forward to that day at some point in the future, there are some options a lot of people just aren't aware of. They may or may not apply to you -- everybody's situation is different - but they're good to know about in case one of these strategies might be appropriate for you.
The first strategy is what we call a "Social Security do-over." Did you know that you could re-start your social benefits? Say you decided to start collecting retirement at age 62. Maybe you didn't know the benefit increases approximately 8% per year, every year from 62 to 70. Since the difference between retiring at 62 and 70 is about a 32% increase, you might wish you had waited a few years to get that higher benefit.
The good news is, even if you've already started taking early Social Security income, Social Security regulations allow you to pay back the Social Security benefits you've already received and then re-apply for the new, now higher, benefit.
The first strategy is what we call a "Social Security do-over." Did you know that you could re-start your social benefits? Say you decided to start collecting retirement at age 62. Maybe you didn't know the benefit increases approximately 8% per year, every year from 62 to 70. Since the difference between retiring at 62 and 70 is about a 32% increase, you might wish you had waited a few years to get that higher benefit.
The good news is, even if you've already started taking early Social Security income, Social Security regulations allow you to pay back the Social Security benefits you've already received and then re-apply for the new, now higher, benefit.