Tip of the Day: You Can “Return” Social Security Benefits

By: Stacey Nickens

I always recommend that clients delay taking Social Security benefits in order to increase their benefit. However, pretend you claimed your benefit at 63 right before receiving a good job opportunity. You can still withdraw your Social Security application within a year of filing it. After you do so, you will repay your benefits as well as any benefits a family member received. If a family member did receive benefits, they will also have to document their consent in writing to withdraw benefits. Keep in mind, you can only withdraw a Social Security application once in your lifetime.

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Disclosures: There is no guarantee that these strategies are suitable for all individuals. This material has been distributed solely for informational purposes and should not be considered as individual advice or recommendations. Individuals should consult a Social Security professional prior to making any decisions.