I recently took early retirement benefits at 62. I’m planning on returning to the workforce. I’d like to stop my benefits so that I can put off retirement until I’m 70. Would I have to repay Social Security back what I’ve received from them before I can get back on track towards receiving the maximum amount when I’m 70?

Hi,

The answer depends on what action you take. If you started drawing benefits within the last 12 months, you could withdraw your application (https://www.ssa.gov/planners/retire/withdrawal.html). In that case you would be required to repay any benefits that you've already received. You would then be free to reapply for benefits whenever you choose to do so, and the fact that you previously filed for and withdrew a claim for benefits would not cause any adverse effect on your future benefit rate.

The other option would be to leave your current application in place, which would mean not having to repay any benefits that you're eligible for under Social Security's earnings test (https://www.ssa.gov/planners/retire/whileworking.html). You couldn't voluntarily suspend your benefits until you reach full retirement age (FRA), but your benefits could be suspended involuntarily before then if you earn too much to be eligible for benefits. Your benefit rate would be adjusted after you reach FRA to remove any reduction for age applied for any months that you end up not being paid because of your earnings, but you would retain a rate reduction for the months that you're paid benefits prior to FRA.

If you've been drawing benefits for more than a year, then you won't have the option to withdraw your application and you'll be stuck with the other alternative described above. Even in that event, though, you could voluntarily suspend your benefits once you reach FRA in order to earn DRCs. You may want to consider using our software (https://maximizemysocialsecurity.com/purchase) to compare your options and determine which strategy would likely work out best for you.

Best, Jerry