Boost Your Social Security Benefits by Up to 77%: How Delaying Payments Can Pay Off
How to Increase Social Security Payments – Options for Those Who Started Benefits Early
According to The Motley Fool, many retirees may not know that Social Security has two special rules that can greatly increase their benefits. If you start taking Social Security at 62, waiting until 70 can raise your monthly benefits by up to 77%. This is because benefits are smaller if you start early, but they grow if you wait.
If you started benefits early and now wish you hadn’t, you have options to increase your payments. You can cancel your benefits and reapply later to get more money based on waiting longer. You’ll need to repay any benefits you’ve already received and make your request within 12 months.
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Boost Your Social Security Benefits by 24% to 77%: A Guide to Two Special Rules – Must Know! (PHOTO: Investopedia)
Increase Your Social Security Payments by 24% with the Suspension Rule at Full Retirement Age
Retirees who have reached full retirement age can also use a suspension rule to boost their benefits. If you pause your benefits when you reach full retirement age and restart at 70, you can increase your monthly payments by up to 24%. This allows you to get more money later without losing benefits from an early start.
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