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.
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