Start Over and Get More Money
The way it was done!
A handful of people have taken this path and it usually has paid off very well for them.
If you are prone to live a long life and so is your spouse then as the primary social security client you should read this article.
Bob had been taking a payout from Social-Security since he was 62 years old and he felt that he could do better as far as income from Social Security was concerned.
He was correct, as at 62 he had taken a loss to start that early.
The loss is about 8% a year up to the age of 65, in his case the full retirement year.
After the age of 65
If he had not taken the retirement plan then he would have gained another approximately 8% a year in income.
That number when added up is 64% for an increase.
So he took the rarely used path, and he stopped or halted his current benefits. He then had to pay back the amount collected already. This was an interest free pay back situation so that was great.
After that was done...
He was able to restart his social-security benefits at his current age of 70.
That is the top age for Social-Security plan payment increases.
Since it is rarely used, you would first have to download this Social Security file, Form 521 Request For Withdrawal of Application.
Then you should visit the local Social-Security office in person with the application.
To think out the math of the situation, you would have to repay all that you have collected already for yourself and your spouse.
Do the accounting to be sure that you have that amount of money available to pay back. Then think about the amount of an increase that you would be getting and for how many years.
You will have the choice of claiming either an itemized deduction or a tax credit, choosing the most beneficial to yourself for the taxes that you have paid on the social-Security benefits that came to you until then.
This part can be tricky.
The details are available in IRS Publication 915.
This can be a great pay day for typically long lived people.
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