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Want to increase Social Security retirement benefits after you've started to receive benefits? Go ahead!

This video shows how to increase your retirement benefits even after you've decided to take payments.

Let's say you took early (reduced) Social Security retirement benefits starting at age 62. Now you want higher benefits. Can you get it? Sure! Just file Form 521 - Request for Withdrawal of Application.

But the catch is you need to pay back all the Social Security benefits you previously received. Still, this amounts to an interest free loan from the government. And the nice thing is, the IRS will refund you any taxes you paid on the Social Security retirement benefits you received.

This short video explains how you can do this.

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Three Questions to Ask Before Claiming Social Security

1. Am I in good health?

If yes, consider deferring benefits.

2. Will my claim affect anyone else?

Higher-earning spouses often benefit by waiting until their full retirement age or later to sign up for Social Security.

3. How reliant will I be on Social Security income?

If you don't have much in savings, and are in good health, consider continuing to work.


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Not affiliated with the US Social Security Administration