From Nasdaq:

Retired Americans rely heavily on Social Security benefits for income, making it important to maximize the program. Baby boomers have several options to increase their benefits in 2024: waiting to claim benefits until age 70, when it is highest; working an additional year to replace a lower-earning year with a higher-earning one; and using a little-known do-over clause to undo an early benefit claim, accruing benefits again until age 69. These strategies can substantially boost monthly payouts. However, the do-over clause has limitations, including a one-year window and a one-time use only. Nasdaq, Inc.



Read more: 3 of the Smartest Ways Baby Boomers Can Increase Their Social Security Benefit in 2024