Withdrawing a Benefit Application

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.

I made a mistake in the sequencing of my application for social security benefits. I began receiving benefits last month at the age of 68. However, I will need to continue working for several more months, and the tax consequences of this situation will be burdensome. Do I have the option to withdraw my claim and reapply at a later date (rather than just deferring payments)?
Thank you!

Hi,

I took early retirement, using widow's benefits at a loss of 20% of the monthly check.
With the cost of EVERYTHING skyrocketing, can I get that 20% back w/o it costing an arm and leg?

Hi,

It sounds like you could withdraw your application and reapply at a higher monthly rate, but you'd have to repay all of the benefits you've received to date in order to do so. If you were receiving retirement benefits rather than widow's benefits, you could only withdraw up to one year after your original month of entitlement.

i am 64 and curenntly on ssi i draw about 1500.00 a month. can I withdraw from the ss system and take a one time lump sum payment based on the calculations of how long I might live ? and or if that option is not available to me can I take a one time lump sum payment for either one year or 2 years to fund a lawsuit I am fixing to have to litigate ?

Hi,

That's just the beginning. Did you know there's also a weird little loophole that lets you get a one-year, interest-free loan from the Social Security Administration?

The above statement came from another website called Motley Fool. Is it really true. I am moving to central california in a month and need a loan to even move up there but my loan comes with an interest rate of 11.90% which will keep me broke for the rest of my life even with HUD housing. Can I really get a loan from social security with no interest for one year?

Thank you.
Sharon

I am 63 and my wife is 59. We are healthy and plan to live for a long time. We both have the flexibility to continue working part-time as much as we want for as long as we want. We can start withdrawing from our IRAs anytime. We plan to wait until we turn 70 to start taking benefits but would it make sense for me to start taking benefits now and for her to start when she turns 62 and then reclaim when we turn 70? My understanding is that we would pay back the benefits we had received up to that point and begin receiving benefits at the higher rate based on claiming at 70.

I turn 66 (11/2016) my spouse turns 66 (3/2017). Our new strategy is for her to Claim SS when I turn 66 and I will file a restricted application taking 50% of her benefit then take mine at 70. My question is that the SSA states she has to pay back an amount earned under full retirement age (Cap $15,720) and year of full retirement age (Cap of $41,880). The fact that the year she turns 66 is 2017, does she need to wait until 2017 to file so as not to pay back any funds. Her yearly income is approx.. $25,000. Thanks, Greg

Hi, my wife and I keep our financial affairs completely separate, file separate tax returns and are not each other's beneficiaries in any way. I took Social Security at age 62 1/2 in 2009 with an initial monthly benefit of $1745. My monthly payment is now down to $1355. I will turn 70 this August. I have been told that if I return all my Social Security payments up to age 70, with no added interest or penalties, I can restart with maximum age 70 benefits. Question: is this correct?

Hi Larry, how do I stop receiving payments, repay what I have already received. This will allow me to begin taking payments at a later date that is better for me tax wise. Thanks, Allen

Hi Allen, if you're still within 12 months of beginning your benefits, then you can withdraw your application and repay all benefits received as a results of your application, including any auxiliary benefits others may have received. Thanks, John