The “Do-Over” Strategy: How to Withdraw Your Social Security Application
Confused by Social Security?
Buyer’s remorse is real. If you filed at 62 and regret it, you have a one-time “Get Out of Jail Free” card called the Withdrawal of Application.
The Rules of the Do-Over
You can withdraw your claim if: It has been less than 12 months since you filed, and you can repay every dollar received.
Why Would You Do This?
If you repay the money, your earnings record is wiped clean. You can then wait until age 70 to re-file, growing your benefit by up to 76%.
Did you file too early?
Let’s see if a Withdrawal or Suspension can save your retirement plan.
What If It’s Been More Than 12 Months?
You cannot withdraw, but you can “Suspend” benefits once you reach Full Retirement Age.
About Author
Ray R. Harris
Ray R. Harris, RSSA®, partners with tax and legal professionals to provide specialized Social Security claiming analysis for high-net-worth clients aged 58–70. A former executive with an MBA and background in Finance, Ray mitigates liability for his partners by ensuring their clients optimize spousal benefits, tax efficiency, and lifetime income.
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