26 Apr Tips for Raising Social Security Benefits After Claiming
Throughout your lifetime you are required to be paying into Social Security Taxes. Eventually the time will come to where you want to regain that balance you have been paying that will help you greatly throughout your life after retirement. There are many steps that are crucial to having a successful retirement plan and knowing the necessary steps to take just before claiming Social Security.
With this in mind, some individuals may end up in the common scenario where they feel they claimed their Social Security Benefits too early. Luckily, there currently is a way to combat this. By this we mean that you can actually have a “do over”. There are certain requirements that need to be met to do so and oftentimes they are hard to accomplish. The two requirements go as follows.
You first must withdraw your application for your Social Security Benefit payments and then pay back the SSA the exact amount of money that was given to you in the form of benefits.
Once this has been done, you now will be given the chance to delay and wait till your full retirement age to claim Social Security benefits, thus giving you a larger monthly payment instead.
For 2021, if you have not yet reached your full retirement age (FRA), $18,960 is the threshold or income limit in which you can not surpass. If you are to go over this limit, unfortunately your benefits will be receiving a cut. On the bright side, for 2021 the limit for each year has been set to $50,520 for those who will be reaching their full retirement age. This is a 166% increase in comparison to those who are not reaching their FRA.
Lastly, not receiving your benefits while working is a crucial aspect for those wishing to receive full benefit payments especially if they have not reached their FRA. If you choose to do so, your benefits will be cut down if you are to be earning more than limit for yearly income.