I was approved in June 2020 at age 62 but made too much to receive benefits til Jan 2021. Should I withdraw my application and reapply at a later date?

Hi,

I can't tell you for sure because it depends on how your application was worded and whether or not you want your benefits to resume as soon as your earnings permit payment. If you chose a specific month of election to start your benefits when you completed your original application, then Social Security couldn't adjust your benefit rate to compensate you for the months of non-payment until you reach full retirement age (FRA). That means you'd then be stuck with your age 62 rate at least until you reach FRA. However, if you filed your application with a Social Security representative and you chose a conditional month of election to start your benefits, then Social Security may be able to adjust your benefit rate to your January 2021 rate without you withdrawing and re-filing.

I would suggest that you check with Social Security to see if they'll be able to adjust your rate prior to FRA or not. If not, then you would probably better off to withdraw your previous claim and re-apply effective with whatever month you wish to begin receiving benefits. You're limited to one application withdrawal in a lifetime, though, so make sure that you end up choosing the right month to start your benefits when you re-apply (https://www.ssa.gov/benefits/retirement/planner/withdrawal.html).

You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze the options available to you in order to determine your best strategy for maximizing benefits.

Best, Jerry