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A woman who signed up for Social Security benefits at age 64 sought to withdraw her application to wait until she turned 65. According to the Social Security Administration (SSA), beneficiaries can withdraw their application within 12 months after signing up, but must repay all benefits received during that time, including those received by dependents. The woman’s query was discussed on Reddit as the family considered whether to proceed with this decision.
Claiming Social Security before the full retirement age (FRA) of 67 incurs an early-claiming penalty of up to 30%. The SSA allows individuals to suspend benefits once they reach their FRA, resulting in an 8% annual increase in benefits until age 70. The decision to delay benefits depends on financial circumstances and life expectancy; individuals in poor health may benefit from claiming earlier, while those in good health might maximize their benefits by waiting.
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