Do I really have 12 months to withdraw my Social Security application after starting benefits at 62?
I've been planning my retirement and keep hearing different things from friends about early Social Security. My neighbor told me I can start collecting Social Security at 62, but then have a full 12-month window where I can change my mind and withdraw my application. Is this actually true? And if I do change my mind, how exactly do I pay back the benefits I've already received? Do I have to pay interest? Would doing this reset everything like I never filed in the first place? I'm turning 62 in June and trying to figure out if this is a viable strategy for me in case my part-time business takes off better than expected. Any insight from people who've actually done this would be appreciated!
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Amina Diallo
Yes, this is called a withdrawal of application. You can do this once in your lifetime, and it must be within 12 months of when you began receiving benefits. You'll need to submit Form SSA-521 (Request for Withdrawal of Application) and pay back ALL benefits you've received, including any Medicare premiums or tax withholdings. No interest charged. After withdrawal, it's as if you never filed, so your future benefit amount won't be reduced for early filing if you wait until later.
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Connor O'Brien
•Thank you! That form number helps. When you say ALL benefits, does that include benefits my spouse might have received based on my record? Or just what was paid directly to me?
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GamerGirl99
my uncle did this back in 2022 he said it was a NIGHTMARE to pay back!! took him months to get it all sorted out with ssa and they kept sending him checks even after he submitted the form lol
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Hiroshi Nakamura
•It's important to note that while some people have challenges with the withdrawal process, many complete it successfully. The key is keeping detailed records of all communications with SSA, following up regularly on your request, and being prepared to return the full amount promptly when approved. Having all your financial documentation organized makes a big difference.
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Isabella Costa
I tried calling SSA about something similar last month and was on hold for literally 3+ hours before getting disconnected. Then tried again the next day and waited 2 hours before hanging up myself. This is why I'm just going to wait until my FRA to apply instead of trying to game the system with this withdrawal strategy. Too much hassle!
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Malik Jenkins
•Have you tried Claimyr? I was in the same boat - couldn't get through to SSA for days. Used their service at claimyr.com and got a callback from SSA in under 20 minutes. They have a demo video showing how it works: https://youtu.be/Z-BRbJw3puU. Such a relief not to waste hours on hold, especially for complicated questions like application withdrawals where you really need to speak with an actual person.
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Freya Andersen
Be careful! You're confusing SSI (Supplemental Security Income) with retirement benefits. SSI is needs-based for low income/disabled people. What you're asking about is Social Security retirement benefits, which is what you can claim at 62. The withdrawal option is real, but make sure you're using the correct terminology or you'll get confused with wrong information.
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Connor O'Brien
•Oh thanks for the clarification! Yes I definitely meant retirement benefits, not SSI. I get those terms mixed up sometimes.
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Hiroshi Nakamura
To expand on the previous answers - when you withdraw, you must repay ALL benefits received by all individuals based on your work record (including spouse or dependent benefits). And yes, this is only allowed once in your lifetime, so use it carefully. Alternative option to consider: Instead of withdrawal, if you've reached Full Retirement Age, you can suspend your benefits. With suspension, you don't repay anything already received, but your benefit amount grows by 8% per year (until age 70) while suspended. Different strategy, but might be worth considering depending on your situation.
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Eduardo Silva
•this is why the system is so confusing!!! withdraw vs suspend and all these different rules?? my brother in law just takes whats offered and doesnt look back lol sometimes i think hes smarter than all of us trying to maximize every penny
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Connor O'Brien
•That suspension option sounds interesting, but I'm still a long way from FRA. It's looking like the withdrawal might be my only option if I change my mind after filing at 62. Thanks for explaining the difference!
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Isabella Costa
Just to make sure everyone understands - the 12-month window is STRICT. Not 12 months and 1 day. Also, when they say you need to pay back ALL the money, they mean ALL of it. If you had Medicare premiums deducted or taxes withheld, you still need to pay back the GROSS amount, not just what you received in your bank account. I've seen people get surprised by this.
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Connor O'Brien
•That's a really important point about paying back the gross amount! I hadn't even thought about the Medicare premium deductions. I'll definitely keep that in mind.
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GamerGirl99
wait ur saying we can start getting SS at 62? i thought it was 65? this is confusing
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Amina Diallo
•The earliest you can claim Social Security retirement benefits is 62, but this gives you a permanently reduced benefit (about 30% less than waiting until your Full Retirement Age). Full Retirement Age (FRA) is between 66-67 depending on your birth year. And if you wait until 70, you get the maximum possible benefit. It's all about the tradeoff between starting earlier with smaller payments or waiting for larger monthly amounts.
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Connor O'Brien
Thanks everyone for the helpful info! To summarize what I've learned: 1) Yes, I can withdraw within 12 months, 2) Need to use Form SSA-521, 3) Must repay ALL benefits including what others received on my record, 4) Only get one withdrawal in my lifetime, 5) No interest charged but must repay gross amount including any Medicare/tax withholdings. I'm going to think carefully about whether starting at 62 is right for me with this safety net, or if I should just wait longer from the beginning.
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Hiroshi Nakamura
•That's a perfect summary! One last consideration - your life expectancy and health. If you have reason to believe you'll have a shorter than average lifespan, claiming earlier often makes mathematical sense. But if you're in good health with family longevity, waiting typically results in more lifetime benefits (especially past age 80). Good luck with your decision!
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