Claimed Social Security too early? How to undo your application and wait for a bigger monthly check
The Social Security Administration lets claimants have a ‘mulligan’ if they feel that they’ve started collecting benefits too soon. Here’s how.
As Americans approach retirement age they have to get their financial papers in order to decide when they can begin drawing on the money they have tucked away. It will also help determine when they can begin claiming Social Security benefits.
While the Social Security Administration allows you to file a claim when you turn 62, that could be an expensive proposition, costing you up to 30% of what you would get if you wanted until you reach full retirement age. Those that can wait until they turn 70 get a roughly 24% bonus. But what happens if you’ve realized after the fact that you claimed your benefits too early?
SSA gives beneficiaries who want to cancel benefit claim a mulligan
Social Security beneficiaries are given a “mulligan” if they change their minds about receiving benefits says Dr. Ed Weir in a recent video he posted on YouTube. The former Social Security manager provides advice on how to make the most of the program and avoid losing money.
Claimants have up to 12 months from the time of their benefit approval to ask to cancel or withdraw their application and then reapply later. You only get one chance at a do-over and you must meet certain requirements following a two-step process.
“If you’ve begun receiving payments, you will have to repay the money you and your family received, as well as money we withheld for Medicare premiums, taxes, and garnishments,” states the SSA. “If any medical expenses were covered by Medicare Part A during this time, those will need to be repaid to Medicare as well.”
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