You have a limited opportunity to change your mind after you’ve applied for benefits. You can complete Form SSA-521, Request for Withdrawal of Application, and reapply at a later date. But if you’re already receiving benefits, you can only withdraw your claim if it has been less than 12 months since you first became entitled to benefits, and you’re limited to one withdrawal per lifetime. In addition, there are financial consequences — you must repay all benefits already paid to you or your family members based on your application, as well as any money withheld from your checks, including Medicare premiums, or tax withholding. Contact the Social Security Administration at ssa.gov for more information.
Want to learn about how to get the most from your Social Security benefits? We offer a unique financial education course called Social Security Secrets that shows you how to assess your current financial situation and develop a personalized plan to pursue your retirement goals.
If you have any questions regarding this information you can click here to schedule a no-obligation consultation, click here to check out our upcoming financial courses, or just give us a call at (817) 210-3444.