10. Suspend Your Benefits to Earn Delayed Credits

Retirement plans rarely unfold perfectly. Perhaps you claimed Social Security at 62 after a sudden job loss, but found an excellent consulting role three years later. If you have already claimed benefits but subsequently reached your Full Retirement Age, you possess a powerful mulligan: Voluntary Suspension.

Upon reaching FRA, you can request that the SSA suspend your monthly payments. During the suspension period, your benefit begins earning the 8% annual Delayed Retirement Credits just as if you had never claimed at all. You can suspend your benefit up until age 70, at which point the payments automatically resume at a significantly higher, permanently recalculated rate. This tactic serves as a brilliant reset button for retirees who regret their early claiming decision and have the current cash flow to support themselves without the monthly check.