Early Retirees: Can You Cancel Social Security? | Personal Finance – Community News
Social Security

Early Retirees: Can You Cancel Social Security? | Personal Finance

After you withdraw your claim, everything resets and it’s like you never started using the benefits earlier than planned. You can go ahead and start your checks at any time in the future. Any early filing fines that you might have incurred because of your first claim will be wiped out and will no longer reduce your monthly checks. If you have waited until your full retirement age, you can receive your standard benefit. And if you decide to wait even longer, you can increase the amount of your check to 70.

While it may seem appealing to waive an early benefit claim, there are some major caveats to keep in mind. You have this option nothing but if you applied for benefits for the first time within a year of your request for withdrawal. If you have received your checks for more than a year, the ship has sailed on this option and withdrawing your claim is no longer an option.

However, there is an even bigger obstacle for many retirees. In order to withdraw your claim and turn back the clock when it comes to benefits, you must repay all the money Social Security has paid you to date, as well as any benefits paid out on your work record, such as spouse benefits to your man or woman.