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Sometimes life changes • Timing is key • Repaying the SSA • Opting for suspension • Keep in mind
If you are in your first year of collecting retirement benefits, you can apply to Social Security for what the agency calls a withdrawal of benefits.
Why would you want to do that? Say you filed for Social Security as early as possible, at age 62, accepting a reduced benefit because you needed the money.
Then suppose you got an unexpected windfall: an inheritance or a new, higher-paying job. You’re now able to wait until you are older and can collect a larger benefit.
How quickly do I have to apply for withdrawal of benefits?
Timing is key. Social Security will let you withdraw your original application for retirement benefits only once, and it must be within 12 months of the date your first payment occurred.
You start the process by filling out Social Security form SSA-521 and sending the completed form to your local Social Security office.
What are the consequences of withdrawal of benefits?
If you opt for a withdrawal, Social Security will treat the situation as if you never applied for benefits in the first place. You’ll have to repay every dollar you received before your application can be finalized.
That includes:
- Your monthly retirement payments.
- Any family benefits your spouse or children collected. They also must consent in writing to the withdrawal.
- Any money withheld from your payments, for example, to pay your Medicare premium if you’re older than 65 or otherwise qualify.
The SSA-521 form includes a question asking if you want to keep your Medicare benefits. You can if you want to, but you will have to pay the Medicare Part B premium — or on rare occasions a Part A premium — directly to Medicare.
If you decide to stop your Medicare coverage, you’ll also need to reimburse any medical expenses that Medicare Part A covered while you were receiving Social Security.
More on Social Security
How to Tell If Calls From Social Security Are Scams
Learn about tactics used in fraud and how to protect yourself
How to Get a Replacement Social Security Card
Navigating Social Security
My Biggest Retirement Mistake: Collecting Social Security Early
John Kruzynski doesn't regret retiring early. But does regret the hit he took by claiming Social Security benefits early