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Kiplinger: Strategies to Boost Your Social Security

The Do-Over Strategy

What if you claimed before your full retirement age, and now think you erred by consigning yourself to a lifetime of reduced benefits? You might have a shot at a do-over.

Retirees who are already collecting benefits can reset the clock by voluntarily suspending benefits and reapplying at age 70. You need to be full retirement age to suspend your benefits. This allows you to earn up to four years in delayed retirement credits.

Say you were eligible for $2,000 in benefits at age 66, but you took a 25% cut by claiming at 62. At 66, you suspend your benefits and reapply at 70. Your benefit at 70 would be $1,980, or 132% of your $1,500 benefit -- not including cost-of-living adjustments.


More From Kiplinger:
QUIZ: Test Your Social Security IQ
10 Things You Must Know About Social Security
SPECIAL REPORT: Maximizing Your Social Security Benefits

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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