Ask Larry

Can I Take Full Retirement For A Little Extra?

I'm 63 in July can I go ahead and draw my full retirement I'm already on SSA I received 863 monthly can I take full retirement for little extra

Hi,

I'm sorry, but I don't really understand what you're asking. If you start drawing your Social Security retirement benefits prior to your full retirement age (FRA) then your benefit rate is reduced for age. Apparently, that's what you chose to do rather than waiting until FRA in order to receive an unreduced rate. Your benefit rate won't increase when you reach FRA unless some of your benefits are withheld because you are still working and earning too much to draw all of your reduced benefits.

If you started drawing your benefits within the last 12 months then you may be able to withdraw your claim (https://www.ssa.gov/planners/retire/withdrawal.html). In that case you could then reapply for your benefits at a later age when your benefit rate would be higher. However, in order to withdraw your claim you'd have to repay all of the benefits that you've received up until now.

Best, Jerry

Posted: 
Jun 2 2020 - 10:10am
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