\u25baThe DNA of work has changed:<\/strong>Many Americans don’t want to return\u00a0to the office.<\/span><\/p>\n (Photo: Getty Images)<\/span><\/p>\n If you\u2019re working and collecting Social Security while younger than full retirement age you\u2019ll face something called the earnings test, says Mike Piper, author of “Social Security Made Simple.”<\/p>\n \u201cThe earnings test results in your benefit being withheld and eventually recalculated \u2013 that is, adjusted upward – upon reaching full retirement age, says Piper.<\/p>\n So, for example, if a person files 40 months prior to full retirement age, and the earnings test results in their benefit being fully or partially withheld for 22 months, then once they reach full retirement age, their benefit would be adjusted to what it would be if they had only filed 18 months early, rather than 40, says Piper.<\/p>\n If you\u2019ve filed for Social Security but wish you had waited, there\u2019s a way for you to increase your benefit provided to you within 12 months of beginning benefits. You can withdraw your application, says Piper.<\/p>\n This would be done via Social Security Form SSA-521, and it requires paying back all benefits received to date.<\/p>\n You can also suspend retirement benefits after reaching full retirement age, says Piper.<\/p>\n \u201cNote that with the rules change that went into effect in 2016, if a person suspends their own retirement benefit, it will also suspend the benefit of anybody else on that work record,\u201d he says. \u201cSo for example, if you suspend your retirement benefit, it would also suspend your spouse’s benefit .\u201d<\/p>\n It should be well known to many, but it bears repeating:\u00a0Claiming Social Security before full retirement age reduces your benefit. However, claiming Social Security after full retirement age, up to age 70, increases your benefit by 8% a year.<\/p>\n So, if you were born in 1957, your benefit would be 128% of your primary insurance amount, the amount you would get by claiming at full retirement age, by waiting to claim until age 70.<\/p>\n One other possible benefit if you delay claiming after full retirement age: The surviving spouse will receive 100% of the deceased spouse\u2019s primary insurance amount (PIA) plus any delayed retirement credits that the deceased spouse earned up to their death.<\/p>\n (Photo: Getty Images)<\/span><\/p>\n You can keep, and spend, more of your Social Security income by being mindful of other income, says Joe Elsasser, president of Covisum.<\/p>\n \u201cSocial security benefits are not taxed if they are your only income,\u201d he says. \u201cThey become taxable as you add other taxable income.\u201d<\/p>\n A good example, he says, is someone who has a mortgage, distributions from a traditional IRA, which is taxed at ordinary income tax rates, and Social Security benefits. Assuming the facts and circumstances make sense, Elsasser says \u201ca reverse mortgage can reduce the amount that needs to be taken from the IRA, potentially significantly increasing the spendable overall value of the Social Security benefit and the IRA withdrawal.\u201d<\/p>\n According to the Federal Trade Commission, reverse mortgages take part of the equity in your home and convert it into payments to you \u2013 a kind of advance payment on your home equity. And the money you get usually is tax-free.<\/p>\n![](\"https:\/\/www.gannett-cdn.com\/media\/2021\/05\/10\/USATODAY\/usatsports\/social-security-card_gettyimages-1217884525.jpg?width=540&height=&fit=bounds&auto=webp\")
<\/p>\n2. Work\u00a0and collect\u00a0Social Security<\/h2>\n
3. Withdraw or suspend your Social Security application<\/h2>\n
4. Delay claiming it<\/h2>\n
![](\"https:\/\/www.gannett-cdn.com\/media\/2021\/05\/09\/USATODAY\/usatsports\/gettyimages-what-is-your-retirement-plan.jpg?width=540&height=&fit=bounds&auto=webp\")
<\/p>\n5. Use a reverse mortgage to reduce taxable income<\/h2>\n