Dear Savvy Senior: Can I stop my Social Security retirement benefits and restart them later to get a bigger payment? I recently got a nice unexpected inheritance, so I don’t need the money from Social Security right now. If possible, I would like to suspend my benefits and restart them at age 70. — Do-over Dan Dear Dan: Yes, there are two strategies that allow Social Security beneficiaries to undo their claiming decision.
But to be eligible, certain conditions must be met. Here’s what you should know. Withdrawal benefits If you are in your first year of collecting retirement benefits, you can apply to Social Security for a withdrawal of benefits.
Social Security will let you withdraw your original application for retirement benefits, but it must be within 12 months of the date you first claimed your benefits. If you opt for a withdrawal, Social Security will treat it as if you never applied for benefits. But there’s a catch: You’ll have to repay every dollar you’ve received, including those of any family members who have been collecting benefits on your earnings record, such as a spouse or minor child, along with any money that was withheld from your Social Security payments — for example, to pay your Medicare premiums.
You can withdraw your application for Social Security benefits only once, but you can apply for benefits again later when the monthly amount would be larger. To withdrawal your benefits, fill out Social Security form SSA-521 (you can find it at S.
