3 Ways to Get a Do-Over on Social Security

In This Video:

Do you need a redo on your Social Security? If you started collecting your benefits too early or spent the money too quickly: fear not! Your retirement isn’t ruined. On this episode, I’m answering a listener question and discussing three ways you can have a do-over with your Social Security benefits.

THings to Consider:

Choosing when to start collecting Social Security benefits can be tough. Not every answer is right for every retiree. In general, I recommend that single people with a reasonable benefit or the highest-earning spouse in a relationship delay their benefits until age 70. This is because, between full retirement age and age 70, you’re earning an extra 8% credit for every year that you wait to start collecting. But what happens if you don’t wait? What if you’re like one of our listeners who started collecting benefits at 62, but now they have a job offer and are considering returning to work? Thankfully, there are three ways you can get a redo with your Social Security.

Key Points in This Episode:

0:00: Intro

0:53: Cancel Your Benefits Application

2:31: Pause Your Benefit at Full Retirement Age

4:53: Get a Lump-Sum Social Security Payment

7:39: Other Factors to Consider