Undo your decision to draw Social Security early
November 30th, 2012|
If you file for Social Security at age 62, you earn only 75 percent of what you would get by filing at the full retirement age of 66.
But if you already filed at 62, are already collecting benefits, and are regretting your choice, you have three ways to “undo” that reduction and get closer to the 100 percent that you would have gotten by filing at age 66, according to Market Watch.
During the first 12 months that you are on Social Security, you can withdraw your claim and repay all your payments. Then it will be as if you have never filed.
For example, you could withdraw your claim and repay the payments received up to 12 months after filing. You could immediately refile, and you would get an 80 percent payment because now you are 63. Or you could wait until age 66 for a 100 percent payment, or wait all the way to age 70 for a 132 percent payment.
Withdrawal is available only in the first 12 months of Social Security, and only once per lifetime.
If you are already past the 12 months’ period, our next blog will highlight two additional ways you can “undo” taking early Social Security.
If you or someone you know needs help with a disability claim benefit, contact the disability lawyers at Fleschner, Stark, Tanoos & Newlin.