Many people start collecting Social Security benefits before their full retirement age, often out of fear the program will change, but this can lead to penalties if they later return to work and exceed a certain income limit. This episode, Trevor outlines two ways to exercise a "do-over" on your Social Security claim. The first is Withdrawal of Benefits, which allows you to cancel your application within 12 months of approval and repay any benefits received, making it as if you never filed, allowing your benefit to continue growing. The second is Suspending Your Benefit, available if you've reached full retirement age but are not yet 70; this allows you to pause payments and earn delayed retirement credits, increasing your benefit by 8% annually (or 0.666% per month) until age 70. This is particularly useful for those who no longer need the income and want to maximize their benefit growth.

References: https://www.moaa.org/content/publications-and-media/news-articles/2025-news-articles/finance/social-security-do-over-2-ways-you-can-change-your-benefit-claim/#:~:text=Then%20there%20are%20those%20who,until%20you%20reach%20age%2070.

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