Timing, Benefits, and Do-Overs: What to Know About Social Security
What Is My Social Security Full Retirement Age? Your Full Retirement Age (FRA) is the age when you’re eligible to receive 100% of your Social Security retirement benefit, based on your lifetime earnings. While many people assume this age is 65, that’s no longer the case for most retirees today.
The FRA depends on the year you were born. Here’s a quick reference:
What if I Claim Before My Full Retirement Age?
You can choose to begin collecting benefits as early as age 62, but doing so will result in a permanent reduction in your monthly benefit. The earlier you claim, the larger the reduction.
What if I Wait Beyond Full Retirement Age?
If you delay benefits past your FRA, you’ll earn delayed retirement credits—increasing your monthly benefit by about 8% per year, up to age 70. This can significantly boost your lifetime income, depending on your health and financial needs.
Can I Stop Social Security Benefits and Restart Them?
It’s a common question—and the good news is, in some cases, the answer is yes. But the rules around stopping and restarting Social Security retirement benefits are specific, so it’s important to understand your options.
If You’re Within 12 Months of Starting Benefits
You’re allowed a one-time opportunity to withdraw your Social Security application within 12 months of your first payment. This effectively erases your initial filing, giving you a clean slate to claim later at a higher monthly amount.
- Why might you consider this? Let’s say you began taking benefits early—perhaps at age 62—but your financial situation changed. Maybe you returned to work or received an unexpected windfall. If you no longer need the reduced benefit, this option allows you to wait and lock in a higher payment down the road.
- A few key rules to note:
- You must repay any benefits you’ve received so far (including any your spouse or dependents may have collected based on your record).
- You can only withdraw your application once in your lifetime.
If It’s Been More Than 12 Months
If more than a year has passed, you can’t withdraw your original application—but if you’re at full retirement age or older, you do have another option: you can choose to suspend your benefits. This means your payments stop temporarily, and during that time, you’ll earn delayed retirement credits, which increase your benefit amount for each month you wait—up to age 70. This strategy can be especially helpful if you claimed early but later decide you’d prefer to boost your monthly income in retirement.
As always, timing your Social Security benefits is a key piece of your overall retirement strategy. If you’d like to review your options, we’re happy to walk through them with you.
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