The Do-Over

We get phone calls, probably every week, from readers that feel the made a mistake on their Social Security benefit or claiming decision. Why is this? Maybe they have a job opportunity that would put their earnings over the Earnings Limitations maximum, maybe they read something that triggered the thought process, maybe they attended a Social Security (Pillars) seminar, maybe they really didn’t need the additional income, maybe they filed the wrong way for the wrong benefit, or maybe a friend gave them bad advice……whatever, the situation, there is an option available to you.

People file for benefits early for a number of reasons. Perhaps, they initially believed they would get more in cumulative benefits by claiming early. If you are within the first year of claiming your benefit (not the first year and one day, only the first year) you can file what is called the Withdrawal of Application. To put this creative fix in action, the benefit recipients simply complete a form, pay back all of the benefits they have received (including any spousal or other family benefits) and start again later at a higher monthly rate. It is just like you never started benefits. For most this is not feasible….to pay back all the money, including auxiliary benefits off their benefit, is not an option. Even though we have only had a handful of clients exercise this option, we wanted our readers to know that it is available if needed.

And so this is why how to file, when to file, what benefit to file for are extremely important. This is basically a permanent decision that must be given thorough examination and professional review. The Social Security office will answer your questions about your benefit, but not how to utilize claiming strategies. In fact some people do not realize that the Social Security office staff does not know if you are married or divorced until you tell them. Their job is to offer information on YOUR BENEFIT individually. We review your situation collectively, including all the claiming strategies that apply, and provide you with many options. Your report is customized for you and your unique set of circumstances. This is not a ONE SIZE FITS ALL process.

Just looking out for our readers. Trust us….this is a BIG DEAL!! Contact us at 601-954-0699 or or visit our website at Roy and Diane are both National Social Security Advisors and Roy is a retired CPA . Call us if your business would be interested in a seminar…..great way to assist your employees with accurate information.

Posted on by Pillars LLC

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