Recently, CNBC highlighted some frequently overlooked Social Security claiming strategies. The article offered tips for filing and suspending based on spousal benefits and navigating the earnings penalty. In addition, Covisum President and Founder, Joe Elsasser, CFP®, offered this advice about canceling your Social Security payments:
If you take Social Security benefits early at 62, you can still change your mind once you reach full retirement age. You can suspend from 66 to 70, and you will return to where you would have been if you would have delayed until 66 originally.
Read the full article for additional strategies and insights from Joe, and help your clients make better Social Security claiming decisions. Take it one step further and sign up for a free trial of Social Security Timing®. Use the software to help optimize your clients' Social Security benefits strategy and increase their retirement value by up to $100,000.