Even If You’ve Already Filed, This Trick Could Increase Your Social Security Benefit

Even if you bring a sizable sum of money into retirement, it might not last as long as you anticipate. You’re likely to rely heavily on your Social Security income to cover your retirement costs. However, Social Security will give you a monthly income, Reports The Motly Fool for the rest of your life.

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But what if your monthly benefit isn’t what you expected? If you applied for Social Security before attaining full retirement age (FRA), your benefit may have been reduced significantly, leaving you with a lesser monthly income.

In general, the monthly benefit you receive when you first begin receiving Social Security is the same monthly benefit you will receive for the rest of your life, excluding annual cost-of-living adjustments. However, even if you’re currently earning Social Security, you can increase your monthly income by using a little-known method.

You, Will, Be Given Another Opportunity

To avoid regrets in the future, it’s a great idea to file for Social Security early. However, if you applied for benefits too soon & are now stuck with a lesser monthly payment, you have one choice.

If it’s been less than a year since you filed for Social Security, you can cancel your application and reapply at a later date — ideally, at FRA or higher to get a bigger check. You must, however, reimburse the Social Security Administration for every dollar in benefits received within 12 months after receipt to accomplish this.

This may not be an option if you’ve used up all of your benefits and do not possess any savings. However, if you still retain that amount of money and can return it, you’ll be able to claim Social Security at a younger age, resulting in a bigger monthly payment for the rest of your life.

So, let’s assume you file for Social Security at the age of 62 and then regret it six months later when you discover how modest the monthly checks are. At that point, you can withdraw your claim and pay back half a year’s worth of Social Security benefits. You can then file for a greater benefit when your FRA comes around.

It’s Possible That Your Retirement Can Be Saved

Locking in a low Social Security payout might be terrible for your retirement years, particularly if you don’t have a large enough nest fund to complement your Social Security income. If you applied for Social Security too soon, it’s worth looking into whether you can apply again. Going through this method could help you avoid a world of stress as your nest fund depletes and you approach retirement.

Most Retirees Completely Miss The $17,166 Social Security Bonus

You’re probably a few years behind on your retirement savings if you’re like most Americans. However, a few “Social Security secrets” may assist you in increasing your retirement income. One simple method, for example, may earn you an extra $17,166 every year!