SOCIAL SECURITY CONCEPT GettyThe COVID-19 pandemic has brought uncertainty to virtually every aspect of our financial lives – especially to those who were either looking to retire this year or are being forced to consider an early retirement. If you have that covered and have substantial savings over and above that, consider living off some of those savings to delay Social Security. One thing to note is that if you gain employment while claiming social security, you will be subject to the retirement earnings test. You have 12 months from first receiving your benefits to file Social Security Form SSA-521 ("Request for Withdrawal of Application"). This will essentially reset your social security benefit as if you never filed a claim in the first place, meaning your future monthly benefit can continue to grow.

Source: Forbes May 04, 2020 13:52 UTC