Essential Lesser-Known Social Security Rules for Maximizing Retirement Benefits
Sunday, 19 May 2024, 08:46
Discover Essential Social Security Rules
These lesser-known Social Security rules are crucial for maximizing your retirement benefits.
Understanding and utilizing these rules can significantly impact your financial stability in retirement.
1. Do-Over Provision
- If you file for benefits too soon, you can withdraw your application within 12 months to potentially increase your monthly benefit for life.
- Repay all benefits received to date.
2. Spousal Benefits
- You can claim spousal benefits even if you never worked, based on your spouse's entitlement.
- Your ex-spouse cannot prevent you from claiming these benefits.
3. Work and Collect Benefits
- You can work while receiving benefits, subject to earnings-test limits.
- Earnings-test limits change annually.
Educate yourself on these rules to ensure a secure financial future.
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.