Can I withdraw my Social Security retirement claim and reapply later to increase my benefit amount?
Hi Carla, As you may already be aware, the Federal Government recently changed the social security claiming rules, which go into effect May 1st 2016.... if you are full retirement age (age 66 if you were born in 1954, or before / age 67 if you were born after 1954) then you have the option of filing a voluntary suspension where you put your Social Security income on hold, and then begin accumulating delayed retirement credits; this strategy will allow you to turn on your Social Security income at a later date, which will increase your benefit.
Also, if you filed for your benefit within the last 12 months, you can utilize what we call the "Reset" Strategy, which allows you to stop your benefit, and file at a later date when your Social Security benefit will be increased. Keep in mind, you will be required to give all of your collected benefit back for however long you have collected within the first 12 months. | 01.08.16 @ 21:58