Can I Undo My Decision If I File For Reduced Benefits?

Sep 25 2016 - 11:15am

I have been thinking of taking my ss at age 62 after running the numbers on your program with a life expectancy of age 84.
If I should rethink my decision to file early, is there anyway to undo this and receive my benefits later?
I have also read in the past there is an exclusion to repay all the money you received from age 62 to 66 and then start receiving your new and higher benefit at age 66. Is this true? Thanks in advance.

Hi,

Social Security no longer permits people to withdraw an application for retirement benefits, unless the withdrawal request is filed within one year of the date that their entitlement began (https://www.ssa.gov/planners/retire/withdrawal.html). Furthermore, you are only permitted to withdraw once.

The practice you refer to in the last part of your question was being used by some people to effectively receive an interest free loan, so the Social Security Administration changed their rules to prevent it in 2010.

Best, Jerry