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?
Withdrawing a Benefit Application
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