I am 59 yrs old I will turn 60 yrs old on July 5th 2020.I applied last week for my widow benefits.The benefits will start on the first week of August.After realizing that if I make more than 18,240.00 per year I will then have to pay back two dollars for every dollar I make over the amount mentioned.
I have decided I cancel my application.Can I cancel without getting penalized??
I plan on applying for this benefit in January 2021.
Thank you!

Hi,

You can't cancel an application once it's been filed with Social Security, but you could withdraw it. There's no cost or penalty for withdrawing an application, but you must refund any benefits you've received as a result of your application. Refer to the following Social Security website for information on withdrawing an application: https://www.ssa.gov/planners/retire/withdrawal.html.

However, I can't tell you whether or not withdrawing your application is advisable without knowing your benefit rate and your expected earnings for 2020. Your best filing strategy is almost certainly one of the following:
1) File for reduced widow's benefits at age 60 or as soon as your earnings will permit at least some benefits to be paid, then switch to your own record at age 70; or,
2) File for reduced retirement benefits on your own record at age 62 or as soon as your earnings will permit at least some benefits to be paid, then file for unreduced widow's benefits at full retirement age (FRA).

Normally, you would want to start out drawing the lower benefit first and then switch to the higher record when it reaches it's highest potential rate. Our software (https://maximizemysocialsecurity.com/purchase) could sort all of this out for you and help you determine your optimal filing strategy.

Best, Jerry