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You want to get it right.
But what if you file and then decide you should have waited a few years?
Maybe a change in your financial situation means you might now afford to delay those monthly checks youre collecting.
In such a situation, you might be eligible for a Social Security do-over that can reset your benefits.
Lets dig a little deeper into your options when it comes to Social Secruity benefits resets.
A suspension is for those who have reached full retirement age.
Both options have eligibility requirements and pros and cons to carefully consider before changing your Social Security status.
Read on to find out more about how each option works.
Suspending Your Social Security Benefits
Suspending your benefits is more like a pause than a do-over.
Everydelayed credityou earn will increase your monthly benefit payment when you begin collecting again.
Who Can Suspend Their Social Security Benefits?
However, consider the following pros and cons before deciding whether a suspension is in your best financial interest.
You earn one credit for every month in which you suspend your benefits, up to age 70.
A year delayed earns you 12 credits and anincreaseof about 8% on your monthly Social Security benefit.
Otherwise, your suspended benefits will automatically resume the month you turn 70.
With a withdrawal, your benefits will cease and you must pay back any benefits youve received.
It would be as though you never filed a benefits claim in the first place.
you might then reapply at any time.
Who Is Eligible To Withdraw a Social Security Benefits Claim?
When Might a Social Security Do-Over Make Sense?
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