Clients come in to us all the time with some decisions already made like starting Social Security too early. They say “I wish I knew about you………” Sometimes it’s a lower earning spouse with a very low check who started Social Security early not knowing about the 50% spousal benefit. The second check is compromised for life. We’ve done several “DO-OVERS” for clients lately. In the video above, you can see how we dealt with this process and set up a better financial plan for our client.

Questions? Email us at Hans@CardinalGuide.com, call us at (919) 535-8261, or visit our website at CardinalGuide.com.

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Social Security Do-Over: Giving Retirees a Second Chance

Retirement is a significant milestone in one’s life, and the decision to claim Social Security benefits plays a crucial role in ensuring financial stability during the golden years. However, sometimes individuals realize that they’ve made a mistake regarding when they started collecting their benefits, leaving them in a potentially disadvantageous position. This is where the Social Security Do-Over provision comes into play, offering retirees a second chance to make the right choice.

The Social Security Do-Over provision allows individuals to withdraw their application for Social Security benefits within 12 months of initially filing. By doing so, retirees can effectively reset the clock and avoid locking themselves into a lower benefit amount for the rest of their lives. This gives them an opportunity to rethink their strategy and claim their benefits at a later, potentially more advantageous time.

The key advantage of the Social Security Do-Over provision is that it allows retirees to increase their monthly benefits by delaying their claim. For each year beyond their full retirement age that they wait to claim benefits, their monthly payments can increase by up to 8%. This additional income can make a significant difference in a retiree’s financial stability, especially considering the potential for a long retirement period.

However, it’s important to note that there are certain limitations and rules associated with the Social Security Do-Over provision. Firstly, individuals can only withdraw their application once in their lifetime, so it’s crucial to carefully consider the decision. Secondly, retirees must repay all the benefits they have received thus far, including any spousal or dependent benefits, and any Medicare premiums deducted from their Social Security payments.

Furthermore, the Social Security Do-Over provision is subject to a time limit. Individuals have only 12 months from the date they first claimed their benefits to withdraw their application. After this period, the window of opportunity closes, and retirees are no longer eligible for a do-over. Therefore, it’s important to act swiftly if one realizes they’ve made a mistake with their initial claim.

Navigating the complex world of Social Security benefits can be daunting, but having a good understanding of the options available can make a significant difference in financial well-being during retirement. Before making any decisions, individuals should seek advice from financial planners or consult with a Social Security representative to ensure they make the most informed choices based on their unique circumstances.

In conclusion, the Social Security Do-Over provision offers retirees a valuable opportunity to correct their initial benefit claiming decisions. By withdrawing their application within 12 months of initially filing, individuals can alleviate the stress caused by potential mistakes and secure a higher monthly benefit for the rest of their lives. It’s essential to carefully consider this option and weigh the potential advantages against the required repayments. With careful planning and professional guidance, retirees can make the most of this second chance and ensure a secure financial future during their retirement years.