Here are strategies that can be helpful for clients who have regrets over the timing of their Social Security claiming decision, whether they claimed early rather than holding out for a bigger check or waited longer than necessary.
I often receive emails from financial advisers asking for guidance on how to help a client undo a Social Security claiming decision.
Sometimes it involves someone who claimed benefits early and now regrets collecting reduced monthly benefits rather than holding out for a bigger check. In other cases, a client may have waited longer than necessary to claim a benefit and now wonders if there’s a way to recoup that loss. And sometimes a client is looking for an infusion of cash to get them through a temporary rough spot.
The good news is there are three that an individual can use to change a Social Security claiming decision after the fact. But each option involves specific rules. These strategies have sparked renewed interest in the wake of the Covid-19 pandemic, when some older clients had to revise their retirement plans either because they stopped working earlier than planned or realized that they could extend their careers a few more years by working remotely.
Written By: Mary Beth Franklin
Published By: www.investmentnews.com