Mastering Your Social Security: Timing Tips

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Did you claim your benefits early at 62 but now regret your decision? Good news! The Social Security Administration allows for a second chance through a withdrawal of application. Within twelve months of your initial claim, you have the opportunity to reset your strategy. However, there's a catch—you'll need to repay all the benefits you've received. It's a one-time offer, so choose wisely.

On the flip side, if you opted to delay your benefits until 70, you've made a smart move. Your benefits increase each year you delay, but once you reach 70, there are no further increases. Timing is crucial when it comes to Social Security.

At Financial Guideposts, we understand that Social Security isn't a one-size-fits-all solution. That's why we're here to help you navigate the complexities and tailor a strategy that aligns with your unique retirement plan.