How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask dylatess Your Own Question
dylatess
dylatess, ATTORNEY
Category: Social Security
Satisfied Customers: 3427
Experience:  37 plus years of SSD practice
29685164
Type Your Social Security Question Here...
dylatess is online now
A new question is answered every 9 seconds

I just retired last January and started receiving Social

Customer Question

I just retired last January and started receiving Social Security benefits in March.
My friend tells me there is a "do over" option where I would pay back the SSA benefits I already received INTEREST FREE and then resume getting benefits next year at a higher amount (about 8% more).
Is this true? If so, could I receive more information about this option?
Thank you,
Gerard Mortensen
Submitted: 4 months ago.
Category: Social Security
Expert:  Lane replied 4 months ago.

Hi Gerard,

...

Yes, you can fread about that from Social Security here: https://www.ssa.gov/planners/retire/withdrawal.html

...

Fill out Social Security Form SSA-521 and include the reason why you want to withdraw the application on the form.

...

If you withdraw your application within the first 12 months of filing, you can pay back the benefits, interest-free, and erase the 25% reduction (if you filed before retirement age - or GET the additional 8% delayed retirement credit for every year you wait PAST full retirement age of 66)

...

When you finally do claim benefits, you'll get whatever you're due at that age.

Expert:  Lane replied 4 months ago.

By the way, you are limited to ONE of these "do-overs," (what Social Security calls a withdrawal of your application)

...

Please let me know if you have any questions at all.

...

If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

Otherwise I’m working for no crediting at all here

...

Thank you!

Lane

I hold a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Related Social Security Questions