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

Thank you for the clear answer! That's a relief about no interest. Do you know if I can make the repayment in installments or does it have to be all at once?

Did they process your withdrawal quickly? I'm trying to figure out if I should continue working while this gets sorted out.

This is incredibly helpful information, thank you! I'm going to get that form ASAP. Do dependent benefits really need to be repaid too? My wife isn't collecting on my record yet, so I guess that doesn't apply to me.

That's exactly the kind of real experience I was hoping to hear about! I can handle the lump sum payment, and that $800 difference sounds similar to what I'd gain by waiting. I'm going to do it. Thank you!

Does that service actually work? I've been trying to get through to SSA for weeks about my disability application. Might try this if it actually gets you through.

yeah it definitely works! i was super skeptical but was desperate after being disconnected 3 times. the callback came exactly when they said it would. saved me a ton of time and frustration.

That's an excellent point about suspension vs. withdrawal. But the OP would still lose out on 4 years of delayed retirement credits (from 63-67) with that approach. Withdrawing now and reapplying at 67 would result in a significantly higher monthly benefit compared to just suspending at FRA.

I hadn't considered suspension as an option. I'll need to do the math on whether withdrawal or waiting to suspend makes more financial sense in my situation. Thank you for bringing this up!

That's a really good tip! I'll make sure to have all my payment records organized before submitting anything.

That's a really important point about the tax withholdings - I definitely need to factor those into my repayment calculation. I hadn't thought about the Medicare implications either. Since I'm not quite 65 yet, I assume I'd need to look into other health insurance options during the gap period before I can restart benefits at 67?

Exactly right about needing alternative health insurance during the gap! Since you're withdrawing before 65, you won't be eligible for Medicare until you turn 65 regardless of when you restart your Social Security benefits. You'll want to look into COBRA from your previous employer if available, or marketplace plans through Healthcare.gov. The good news is that restarting SS benefits at 67 won't affect your Medicare eligibility timeline - that's still based on your age, not your benefit status.

Yes, exactly! Since you're not 65 yet, you'll need alternative health coverage during the gap. You might qualify for COBRA from a previous employer, or look into marketplace plans. The Medicare eligibility clock essentially resets when you withdraw - you'll become eligible again when you turn 65 or when you restart Social Security benefits, whichever comes first. Definitely discuss this timeline with SSA when you submit your withdrawal form since the coordination between Social Security and Medicare can be tricky.

@2af895cdc519 Yes, exactly! Since you're withdrawing before 65, you won't be eligible for Medicare until you turn 65 regardless of when you restart SS benefits. You'll need to arrange for private health insurance or COBRA if available from a previous employer to cover the gap period. The Medicare enrollment window gets a bit tricky too - you'll want to make sure you don't miss your Initial Enrollment Period when you do turn 65. I'd definitely recommend discussing this with both SSA and a Medicare counselor to avoid any late enrollment penalties.

Exactly right about needing alternative health insurance during the gap! Since you're withdrawing before 65, you won't be eligible for Medicare until you turn 65 regardless of when you restart SS benefits. You'll want to look into COBRA from your previous employer if available, or marketplace plans through healthcare.gov. The good news is that restarting SS benefits at 67 won't affect your Medicare eligibility timeline - that's still based on your age, not your benefit status.

Exactly right about needing other health insurance during the gap! Since you're withdrawing before 65, you won't be eligible for Medicare until you turn 65 regardless of when you restart SS benefits. You'll want to look into COBRA from your previous employer or marketplace plans through healthcare.gov. The good news is that when you do restart benefits at 67, your Medicare enrollment won't be affected since you'll be over 65 by then. Just make sure you don't have a gap in coverage that could result in late enrollment penalties later.

Yes, exactly! Since you're under 65, you won't be eligible for Medicare until you turn 65 regardless of your Social Security status. During the gap period (from when you withdraw until you restart benefits), you'll need to secure your own health insurance - either through an employer plan, ACA marketplace, or COBRA if you recently left a job. The good news is that withdrawing your Social Security application doesn't affect your future Medicare eligibility at 65. Just make sure you don't have a coverage gap that could result in late enrollment penalties later on.

This is really helpful information about the health insurance considerations! I'm actually still working part-time, so I should be able to keep my employer coverage for now. But it's good to know about the qualifying life event option for marketplace plans - I hadn't realized that withdrawing SS benefits would trigger that. Thanks for pointing out all these details I might have missed!