Social Security's Little-Known Do-Over Option Could Get Retirees a Bigger Benefit
Some retired workers could score a bigger Social Security benefit by undoing their claiming decision.
Overview
The best age to claim Social Security benefits depends on personal circumstances. That said, studies have consistently shown that most retirees with normal life expectancies will maximize lifetime spending power by claiming benefits at age 70.
Yet few people wait that long. Last year, over 90% of newly awarded workers began receiving Social Security benefits before age 70. In fact, almost 25% of newly awarded retirees started Social Security as soon as possible (age 62), meaning they locked in for life the smallest possible benefit based on their personal earnings history.
Details
Some workers naturally come to regret claiming Social Security early. Fortunately, a little-known rule allows undoing claiming decisions in certain situations.
Source
Originally published at www.fool.com.