Can You Stop and Restart Social Security Benefits?

Can I stop my Social Security retirement benefits and restart them later to get a larger payment? I recently got a nice unexpected inheritance, so I don’t need the money from Social Security rightnow. If possible, I would like to suspend my benefits and restart them at age 70. 

Yes! There are actually two different strategies that allow Social Security beneficiaries to undo their claiming decision. But to be eligible, there are certain conditions you’ll have to meet. Here’s what you should know.

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 in the first place. 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 only withdraw your application for Social Security benefits once, but you can apply for benefits again later when the monthly amount would be larger.

To withdraw your benefits,fill out Social Security form SSA-521 and send the completed form to your local Social Security office. 

If you change your mind, you have 60 days from the date Social Security approves your withdrawal to cancel the request.

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