by AMAC Certified Social Security Advisor Russell Gloor
Association of Mature American Citizens
Ask Rusty – Changed my apperception afterwards claiming Social Security
Dear Rusty: I will be 67 years old this September and accept been accepting my Social Security allowances aback September of aftermost year (2017). I’ve begin that I do not charge the money now, and aback I don’t charge the money, I’m apprehensive if can I accord what I’ve already calm and aloof delay until I’m 70 to get a beyond benefit? Signed: Changed My Mind
Dear Changed: Situations such as castigation are absolutely why Social Security has a “do over” option, which allows those who affirmation allowances to abjure that appliance aural one year. Reality is that sometimes banking affairs change. People who absent their job may acknowledge by claiming Social Security, and again afterwards acquisition added employment, which provides them the assets they need. Or they may artlessly aloof change their apperception and be apologetic they activated for benefits. In any case, the do-over advantage can be acclimated to fix that but appliance that advantage does accept some important consequences.
The abbreviate acknowledgment to your questions is “Yes” – you can exercise the “do over” advantage and absolutely abjure from Social Security if you do so aural 1 year of the date your allowances originally started. But – and this is a big but – you will accept to pay aback aggregate that you accept collected, including any withheld taxes, Medicare premiums, and any conjugal or added abased allowances that may accept been paid on, to or from your annual over the accomplished year. Obviously if you ambition to do that you should act with alacrity to abide Form SSA-521 (Request for Withdrawal of Application), because you’re advancing up on the one-year ceremony of your aboriginal application.
However, aback you accept already accomplished your abounding retirement age of 66, you accept addition beneath financially aching advantage accessible to you which you ability appetite to accede – you can artlessly append your accepted benefits, which will acquiesce you to acquire delayed retirement credits according to 2/3rds of 1% per ages of abeyance (8% per year) up until you ability 70 years of age. You will accept absent that antecedent 8% annual advance you would accept contrarily accomplished for the 1st year afterwards you accomplished age 66, but that may be beneath alarming than repaying Social Security a actual ample agglomeration sum for an absolute year’s account of allowances paid. Again back you reinstate (un-suspend) your allowances at age 70, the annual bulk will be about 24% college than it is now. Thus, you’ll accretion a decidedly added annual after defective to accord all that money you calm for a accomplished year.
This commodity is advised for advice purposes alone and does not represent acknowledged or banking guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, accomplished and accepted by the National Social Security Association (NSSA). NSSA and the AMAC Foundation and its agents are not affiliated with or accustomed by the Social Security Administration or any added authoritative entity. To abide a question, appointment our website (amacfoundation.org/programs/social-security-advisory) or email us at [email protected]
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