Did you begin collecting your social security benefits sooner than you actually needed to? If you did this means that you could be affecting the amount of benefits that you are going to be receiving later in life. Fortunately there is something that you can do. It is called a Start Stop Start strategy that can actually help you to increase your social security benefits by as much as 32%!

Delayed Retirement Credit

The delayed retirement credit is a way that you can stop receiving your benefits now and resume them at a later date. By doing this you will receive what is called a Delayed Retirement Credit. This credit is applied to your benefits and will add to the total that you can collect when you begin collecting at a later time.

Increasing Your Benefits

Here is an example of how you can increase your benefits. If you started collecting at age 62 but have now reached full retirement age you can ask Social Security to stop collecting your benefits for a time. Yes, you will have to give up your social security check but it may be financially beneficial for you to do so.

Once you reach the age of 70 (or older) you can let Social Security know that you want to start collecting your benefits again. Once you do it will be at the increased rate; as if you had retired initially at that age instead of collecting benefits early.

Contact Stano Law group for any legal issues with Social Security or your retirement benefits.