SOCIAL SECURITYLITTLE KNOWN FACTSSocial Security Benefits do you know all the facts? If you are currently receiving benefits do feel you know the ins and outs of how the system works? Did you start your benefits at age 62, but now wish you had not? Do you know about the "do-over" provision? Very few retirees know about this provision and it can make a big difference in the amount you receive. This is how it works. You began receiving Benefits at 62 and now need to return to work for a few years. Ask for the "do-over" provision. You will need to pay back what you have already received but there is no interest on it. Then when you are ready to collect you simply refile for your benefits. This also works if you find your spouse will need to collect the hirer amount they would have received if you had waited till full retirement age. Another little known fact is the “file and suspend” provision. This allows the higher income earning spouse to file for benefits at full retirement age and suspend the actual collection of benefits until later. This allows the benefit to grow through age 70. Yet, as soon as the higher income spouse files, the lower income spouse may start collecting benefits at 50% of the higher income earner’s rate. In most cases, given average life expectancy, you earn more by waiting until your full retirement age to start benefits. If you’re married, you have even greater flexibility and opportunities to get higher social security benefits. The lower income spouse should start as early as possible because their “penalty” for starting early disappears when the higher income spouse dies (the lower income earner can then collect the deceased’s benefits).
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