Regret Signing Up for Social Security Early? Here's How You Can Still Boost Your Benefits.

Signing up for Social Security as soon as possible seemed like a good idea at the time, but when you saw how much it shrank your checks, you began to question your decision. Many seniors have found themselves in this position and think they have no choice but to settle for a smaller lifetime benefit.

But that's not always true. The government gives you two options to increase your benefit after you've applied. However, they come with strings attached.

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Withdraw your application within the first 12 months after applying

You can withdraw your Social Security application if you've signed up within the last year. This is a one-time offer, and the Social Security Administration treats it as a do-over. When you apply again later, your future checks will be larger.

The catch is, for it to be a true do-over, you must pay back all the money you've received from Social Security thus far. This includes any money that family members have claimed on your work record, as well as Medicare premiums and any Medicare Part A-covered medical expenses paid since you applied.

For many people, this could amount to tens of thousands of dollars. If you don't want to pay this or are unable to do so, withdrawing your Social Security application isn't the right thing for you. But if you'd like to give it a shot, you'll need to fill out a Request for Withdrawal of Application form and submit it to the Social Security Administration.

Suspend your Social Security benefits at your full retirement age (FRA)

If withdrawing your Social Security application isn't an option, you can suspend your benefits once you reach your full retirement age (FRA). This is somewhere between 66 and 67 for most seniors today. This strategy doesn't require you to pay back any benefits you've received so far, so it's a little more accessible than an application withdrawal.

You'll stop receiving checks once you suspend your benefits, though. This will continue until you either request that your benefits restart or reach age 70, when you qualify for your maximum retirement checks. Family members will not be eligible to claim Social Security on your work record during the time you've paused your benefits, either.

Your checks will grow by two-thirds of 1% per month (8% per year) while your checks are paused. If you suspended benefits until age 70, that could add 24% to 32% to your monthly checks, depending on your FRA.

Contact the Social Security Administration to learn how to pause your benefits. You should also make sure you have enough income from other sources to cover your living costs during the time you're not receiving benefits. Keep in mind that you will have to pay your Medicare Part B premiums out of your own pocket during this time as well.

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