Is It Still Possible To Pay Back Benefits Received And Start Over?

Apr 14 2017 - 8:00am

A good friend told me started collecting benefits at 62, After he turned 67 he returned all the money he recieved and was able to start a new claim at the rate as if he just retired a 67? Is this still possible?

Hi,

You can no longer do what your friend did, but you can still withdraw a claim up to a year after becoming entitled and then reapply with a new entitlement date. In order to withdraw a claim, you must pay back all of the benefits that you received based on that claim.

Prior to 2010 it was possible to do what your friend mentioned, but Social Security changed their policy with regard to withdrawals at that time. People are now limited to one withdrawal of retirement benefits, and only if they have been entitled for no more than 12 months (https://www.ssa.gov/planners/retire/withdrawal.html).

Best, Jerry