Claim Social Security Too Early? There Are Still Ways to Increase Your Income

Social Security retirement benefits can be claimed as early as 62, but that's not always the best option. 

When you decide to collect Social Security, the higher your payment will be the longer you wait.

On average, your payment would be 30% lower if you collected at age 62 rather than 67.

Several reasons lead seniors to claim benefits early, from needing income right away to investing for

A larger long-term return. However, sometimes they regret their decision.

If you claim Social Security too early, you can increase your income to help pay unforeseen bills

Or finance a lifestyle change. The Motley Fool outlines three options.

If it has been less than a year since you filed for Social Security benefits, you can do this.

Rescind Benefits Claim

In other words, you will pay back all the benefits you received following your initial claim, 

Allowing you to start over with higher benefits later on. This option is only feasible if you have the funds to repay the initial benefits.

Suspend Benefits

You can request that your benefits be suspended if you have already reached full retirement age.

This scenario involves stopping payments either at age 70 or when you request that they be resumed. 

Earning delayed retirement credits will eventually increase your monthly income if you choose this option.

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