You decided to apply for Social Security as soon as you turned 62. While you’re happy to have the monthly checks coming in, you’re less thrilled about having shrunk your benefit by up to 30% by applying early.
It can feel like there’s nothing you can do to change that, but that might not be the case. There are actually four ways to increase your benefits after you’ve signed up, although they all have some pretty big caveats.
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1. Withdraw your Social Security application
You can withdraw your Social Security benefit application if it’s been less than one year since you signed up. It’s essentially a do-over. The Social Security Administration will treat you like you’ve never claimed before, and your checks will grow a little for each month you put off reapplying, until you qualify for your maximum retirement benefit at 70.
The catch is, you must pay back all the money you’ve received in benefits thus far, along with any money that family members claiming on your work record have received. If you’re not able to do this, withdrawing your Social Security benefit isn’t an option for you.
2. Suspend your benefits at your full retirement age (FRA)
Suspending your benefits at your full retirement age (FRA) — 67 for most people — is an alternative to withdrawing your benefit application. It doesn’t require you to pay back any money, though it does pause your checks. During the time you’re not receiving benefits, your checks will grow by 2/3 of 1% per month, or 8% per year.
You won’t receive benefits again until you either turn 70 or request that they restart. This could work if you have other retirement income sources you can use to cover costs in the meantime, but it may not be feasible if you rely heavily on your checks.
3. Correct errors in your earnings record
Your earnings record is the record of how much money you’ve paid Social Security payroll taxes on throughout your career. You can view yours by creating a free my Social Security account. The data here is usually accurate, but occasional mistakes occur. An error could reduce your benefits.
If you notice a mistake in yours, contact the Social Security Administration to learn how to correct it. It will investigate and, if necessary, increase your benefit amount accordingly.
