Did you know that you can reverse your decision to claim Social Security? There are rules and complications, but in some cases, it is possible to take your claim back.[1] If you’re new to thinking about Social Security, or if you want to make sure you’ve got your facts straight, this is the article for you.
There are 3 important ages when it comes to Social Security: 62, 67, and 70, and we’re going to go over each one. A quick note: these are the ages for folks who were born during the year 1960 or later. If you were born before then, your ages will be slightly different.[2]
When you turn 62, you can start claiming your benefits. The downside is that these benefits will be permanently lower than if you had waited for your “full retirement age,” which is 67. When it comes to Social Security, a general guideline is that, within the confines of the Social Security ages, the longer you wait, the more you will get in monthly payments.[2] But remember, there are some limitations to this.
You will need to leverage the benefit of waiting with your specific financial circumstances. It may not be possible or reasonable for you to wait as long as possible to start claiming, so you may need to claim as early as you can. It depends on what other income streams you have set up for your retirement.
The next important age is 67. This is what is considered your “full retirement age,” and it is when you will get your full benefits from Social Security. The phrase full benefits is a bit misleading because you can actually wait even longer after you turn 67 to claim. Every year you wait to claim after reaching your full retirement age adds even more to your monthly payments.[2]
You will hit the limit of your Social Security increases when you become 70 years old.[2] At that point, you’ll have reached your maximum benefit level, and waiting any longer to claim benefits will not lead to additional money.[2]
So the question is: When are you going to claim and why? Social Security is a complicated topic and one that our professionals can lend a hand to when strategizing your retirement income sources. They can examine your situation and explain what might work best for your life and needs. All it takes to get started is to sign up for a no-obligation meeting with one of our professionals.
[1] https://www.bankrate.com/retirement/ways-to-get-social-security-do-over/#:~:text=To%20withdraw%20your%20benefits%2C%20you,reverse%20the%20decision%20to%20file
[2] https://www.investopedia.com/retirement/when-take-social-security-complete-guide/
The information provided in this blog is for informational purposes only and should not be considered as official guidance or advice from the Social Security Administration (SSA). While we strive to provide accurate and up-to-date information, we are not affiliated with the SSA, and the content presented here may not always reflect the most current policies or regulations of the SSA. Therefore, readers are encouraged to verify any information provided here with official sources or consult with qualified professionals for personalized guidance regarding Social Security matters.
