Important Lesser-Known Social Security Rules to Optimize Your Retirement Strategy
Wednesday, 24 April 2024, 14:07
Key Lesser-Known Social Security Rules for Retirement Planning
If you're considering when to claim Social Security benefits, it's vital to be aware of these three lesser-known rules that can shape your retirement strategy:
- You can undo your Social Security claim: If approved benefits were claimed within 12 months, you have the option to withdraw the application, allowing your benefits to continue growing.
- Delay your benefits: Another option is to suspend benefits after reaching full retirement age, accruing delayed retirement credits until age 70.
- Earnings test: Working while collecting benefits may subject you to benefit reduction, but the withheld benefits can increase future payments.
Understanding and leveraging these rules can help you optimize your financial situation and plan effectively for your retirement years.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.