Social Security: Can You Change Your Mind? Yes, But…

As you know, for most people, you can claim Social Security retirement benefits between the ages of 62 and 70. Full retirement age is between the ages of 62 and 70. This is the age Social Security considers you to be “fully retired”. Full retirement age ranges between 66 to 67 depending on what year you were born. When you reach full retirement age, you have a few more options available to you that you do not have if you file early. When you file for Social Security benefits, it is a one-time decision that’s relatively hard to change, so you need to exercise prudence when making this decision.

We all know life happens. If your situation changes after you have filed for retirement benefits or you have changed your mind, you can cancel your application for up to 12 months after you became entitled to receive retirement benefits. This process is called a withdrawal. You must repay all the benefits you have received, including amounts withheld for Medicare and income taxes. If your spouse or children are receiving benefits on your record, those benefits will also need to be repaid. Not only must all Social Security benefits be repaid, but you will need to consider how you will replace that income stream. If you choose to withdraw your application, you are limited to one withdrawal per lifetime. In order to withdraw your application, you will need to file Form SSA-521-“Request for Withdrawal of Application”. You can reapply later.