Ask Terry Questions Signing up to early for Social Security

Signing up to early for Social Security

By Terry Savage on April 09, 2024 | Financial Planning / Retirement

I signed up for social security at the age of 62. My birthday is May 20, 1959. I called Social Security before my 62nd birthday and was told that I should sign up, never was asked if I’m still working, or how much am I making? So I signed up, and of course have never received any benefits, because I was and still am working. My question is there anyway I can do a do over and reapply when I do retire, probably next May of 2025. If I had waited and known better to wait and sign up when I was really ready, I would have been able to receive a higher monthly benefit payment.
All this social security and Medicare signing up is so darn confusing/ complicated and we only get to do this one time. Not knowing what you don’t know costs us in our situation big time.
Hope you understand my question. Can I do my signing up for social security over?
Thank You

Terry Says

I’m so sorry that you didn’t have the information sooner. That’s very typical of how SS misleads potential beneficiaries.
It’s too late to change your decision now. But you should have been receiving your monthly check — reduced by $2 for every $1 you earned above the annual limit. For 2024, that earnings limit is $22,320. But you would still get your smaller check. In the year before your full retirement age, the discount is $1 for every $3 earned.

(And though most people don’t realize this, when you do reach FRA, though your monthly benefit remains lower, there is an adjustment that increases it a bit to offset these penalties from working.)

If you really haven’t received ANY SS benefits at all, then maybe your application didn’t go through! So write back if that’s the case, and I’ll have someone check it out.

Read this for the rules on working and earning when you take SS before FRA:!

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