Of course you did! We’ve all done it at some point. No matter what area of life it may be, we decided that we needed to take a different path. Well, the same thing is true when it comes to your clients’ Social Security benefits.

Social Security DOES give you some chances at “do-overs.” One of these can be very helpful for people who mistakenly began claiming benefits early. You CAN change your mind after you begin receiving benefits, before you reach your Full Retirement Age (FRA).

Social Security allows you a one-time withdrawal from receiving benefits if you change your mind within 12 months. The requirement is that you will need to pay back all of the benefits you and your family have received. This option allows you to stop benefits so you can apply later for a higher amount.

So be sure to ask ALL of your clients about their Social Security benefits. If it’s been less than a year since they began benefits, you may still be able to help them get a higher lifetime benefit and create more retirement income.