How to Boost Your Retirement Income Using Hidden Social Security Rules

Maximizing Social Security Benefits Through Little-Known Rules

Even if you claim early, these rules could help boost the amount of your monthly check. Social Security is the cornerstone of many Americans' retirement plans. 59% of retirees say their monthly benefits check is a major source of income, according to an annual Gallup poll. As such, getting the most out of the program is extremely important for the majority of seniors.

'Hitting the Undo Button'

• If you claim your Social Security benefits early, but your circumstances change or you realize you don't need the income, you may be able to withdraw your application.
• You must repay all the money received, including Medicare premiums and taxes, and you can only withdraw your application once in a lifetime.

'Hitting the Pause Button'

1. You can suspend your benefits upon reaching your full retirement age, resulting in increased future checks.
2. Benefits resume automatically at age 70, but there are considerations like ineligibility for other benefits and out-of-pocket Medicare premiums.

These rules offer unique opportunities to enhance your retirement income through strategic Social Security planning.