Did You Take Social Security Too Soon?

This post was provided by a reader. You may find it helpful.

(from AARP Site) Suppose you’re like my friends and started Social Security too early. Or suppose you got laid off, started your Social Security to make ends meet, and then found a job. Now what?

Until December 2010, you could invoke a “do over” by paying back any benefits you’d received at any time and then move forward as if you had never started your benefits. But the Social Security Administration changed that rule, and now it limits the pay-back option to within 12 months of starting benefits.

However … there is a ‘file and suspend’ that allows one member to suspend benefits after they reach FRA (full retirement age) up to 70 years old and bank 8% a year increase in added benefits when they are taken at 70.

Conclusion: you can no longer ‘pay back your benefits and restart at a higher monthly amount BUT if your situation has changed … you may be able to suspend … thoughts?

See: SSA Retirement Planner for more details