Stop claiming benefits
If you’ve started collecting Social Security benefits earlier than your full retirement age and now feel sorry for not waiting it out, you may have a second chance. That’s because you can withdraw your application for up to 12 months after you’ve started receiving your monthly Social Security checks.
One important thing you should keep in mind is that if you choose to withdraw your application, you’ll have to give back all the money you’ve already collected. If you can do this, the longer you’ll wait before tapping into your Social Security, the higher your benefits.
Suspend monthly payments
There’s also another way to collect higher Social Security benefits even if you’ve exceeded the 12-month period and haven’t withdrawn your application. Call it a third and last chance. At age 66, you have the possibility of suspending the monthly payments without having to repay any of the money. Yes, you’ve read it right!
For every year of suspension until you turn 70, you’ll receive retirement credit that boosts your Social Security amounts by 8 percent each year. Quite a deal, wouldn’t you say?