Here’s the Low-Down on Three Social Security Benefit Rules Many People Don’t Understand

How Social Security benefits work seems to baffle a lot of people. As MoneyWise reports, that’s not surprising when you consider how complicated the program can be with its various provisions and catch-22s. That’s why it took the time to explain three important rules most people don’t know that could give them bigger benefits.

You can change your mind – In some cases, within the first 12 months of claiming benefits you can withdraw your application and apply again later. This could make sense if you started claiming Social Security benefits and later got a high-paying job. However, it’s important to know that if you withdraw your application, you must repay any benefits you and your family received.

You can claim benefits based on your ex’s record – Even if you are no longer married, you can claim benefits under your ex-spouse’s record (and it won’t decrease the amount your ex or their current spouse receives). But you can only claim benefits on their record if they are higher than the ones you would receive based on your record. This rule only applies if you were married for at least ten years, are currently unmarried, and are at least 62 years old.

You can work and receive benefits – You can receive Social Security retirement benefits and still work. However, if you are younger than full retirement age, your benefits may be reduced based on any income you earn. Once you reach full retirement age, no amount of earnings will reduce your benefits.

The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and will ensure the long-term solvency of the Social Security program.