Withdrawing SS benefits early - how long do I have to repay everything?

You have 12 months from when you first started receiving benefits to withdraw your application (Form SSA-521). You'd need to repay ALL benefits you've received so far, including any Medicare premiums or tax withholdings. No interest charged, but you only get ONE withdrawal in your lifetime, so think carefully. With 4 months of payments, you're still well within the 12-month window.

i withdrew mine last year cause i got a new job. you gotta pay back EVERYTHING they sent you, even money that went to medicare. the form is pretty simple but they're super strict about the 12 month deadline.

The official term for this is "withdrawal of application" and here are the exact rules: 1. You must submit Form SSA-521 within 12 months of your initial entitlement to benefits 2. You must repay ALL benefits received by you and anyone else (like spouse/children) receiving benefits on your record 3. There's no interest charged on the repayment 4. You can only do this ONCE in your lifetime After the 12-month window closes, your only option would be suspension of benefits, which doesn't require repayment but has different rules.

I was in almost the EXACT same situation last year! Started at 62, regretted it 5 months later. The SSA makes you pay back EVERY PENNY before they'll process the withdrawal. In my case it was about $11,500. The process took nearly 3 weeks after I submitted everything. No interest charged, but they want it all at once - no payment plans. Definitely worth doing if you can afford the lump sum repayment. My new benefit at 67 will be nearly $800 more per month than what I was getting at 62!

dont bother with the SSA phone lines youll never get through!!! i had to withdraw my benefits and waited on hold for HOURS multiple times!!! ended up using claimyr.com to get a callback from SSA - they got me through in like 40 minutes instead of 3+ hours. they have a video showing how it works at https://youtu.be/Z-BRbJw3puU - totally worth it for something this important where you need to talk to an actual person

There's another option nobody's mentioned - instead of withdrawing, you could just SUSPEND your benefits once you reach your Full Retirement Age. That way you don't have to repay anything you've already received, and your future benefits will increase by 8% per year until age 70. The catch is you have to wait until your FRA (probably 67 for you) to do this.

make sure u got all ur benefit payment info ready when u submit the form. i forgot to include one payment they made to me and they sent the whole thing back. delayed everything by like 3 weeks

Just wanted to add that you should also check if any taxes were withheld from your benefits - those count toward your repayment total too. When I helped my mom through this process, we almost missed including the federal tax withholdings in our repayment calculation. Also, if you're planning to wait until 67 to restart benefits, make sure you understand how this affects your Medicare enrollment timeline since you'll have a gap in coverage eligibility. The SSA office can walk you through both issues when you submit Form SSA-521.

Yes, exactly right about the health insurance gap! Since you're only 63, you won't be eligible for Medicare until 65 regardless of your Social Security status. When you withdraw your SS application, you'll lose any employer health benefits that were tied to your retirement, so you'll definitely need to secure alternative coverage. Look into COBRA from your former employer if available, or marketplace plans through Healthcare.gov. The good news is that losing SS benefits due to withdrawal should qualify as a "qualifying life event" that allows you to enroll in a marketplace plan outside the normal open enrollment period. Make sure to get this sorted before your current coverage ends!

One thing I haven't seen mentioned yet is that you should also consider your earnings record and any potential future earnings when making this decision. If you're still working or planning to work, those earnings could increase your benefit calculation since SS uses your highest 35 years of earnings. Also, keep in mind that if you do withdraw and wait until 67, you'll need to reapply for benefits - it's not automatic. The process is straightforward, but just something to plan for. Given that you're only 4 months in and well within the 12-month window, you have time to crunch the numbers properly. A financial advisor who specializes in Social Security planning might be worth consulting to make sure you're optimizing your lifetime benefits.

Look for advisors with the NSSA (National Social Security Association) credential or those who are RICPs (Retirement Income Certified Professionals) - these designations specifically focus on Social Security optimization strategies. Also consider fee-only CFPs (Certified Financial Planners) who won't try to sell you products. Many charge a flat fee for Social Security analysis rather than ongoing management fees. The Social Security Administration's website also has some good calculators you can use to run scenarios yourself before meeting with an advisor. Given your situation with 4 months of benefits received and the potential for significant increase by waiting until 67, the advisor consultation fee will likely pay for itself many times over in optimized lifetime benefits.

As someone who went through this exact process two years ago, I can confirm everything others have said about the 12-month window and full repayment requirement. One additional tip: when you call SSA to discuss your withdrawal, ask them to calculate your estimated benefit at age 67 vs what you're getting now - they can run that for you on the spot. In my case, the difference was about $750/month, which made the decision to repay $14,000 in received benefits a no-brainer. Also, don't stress too much about the paperwork - Form SSA-521 is actually pretty straightforward. The hardest part is gathering all your benefit statements to make sure you repay the exact right amount. Good luck with your decision!

I went through a similar situation about 6 months ago and wanted to share what I learned. The 12-month rule is firm - no exceptions. When I submitted my Form SSA-521, they required documentation for EVERY payment, including any spousal benefits if applicable. One thing that caught me off guard was that they also wanted proof of repayment for any state tax withholdings, not just federal. The whole process from submission to final approval took about 5 weeks for me. Also, if you're still working, make sure to factor in how your additional earnings might boost your benefit calculation even more when you restart at 67. The SSA representative told me that continuing to work while waiting can sometimes add another $50-100/month to your eventual benefit if those years end up in your top 35 earning years. Given that you're only 4 months in, you have plenty of time to make this decision carefully.

Just want to add one more consideration that might be helpful - if you do decide to withdraw, make sure you understand the impact on any estimated tax payments you might have made for this year. Since you'll be repaying the benefits, you may be able to adjust your quarterly estimated taxes or potentially get a refund when you file next year. I'd recommend talking to a tax professional about this aspect too, especially if you had significant federal or state taxes withheld from your SS payments. The tax implications of the repayment can actually work in your favor since you'll essentially be "undoing" the taxable income for this year. This is separate from the Social Security decision itself, but it's another piece of the financial puzzle that's worth considering as you plan this withdrawal.