Do-Over Option for Social Security Benefits


Although the #SocialSecurity system allows claims for reduced worker benefits as early as age 62, claiming early may not be your best choice. Fortunately, if you claimed early, you may be able to take advantage of a do-over option that restarts the clock on your benefits.


If you applied for social security within the last 12 months and are currently receiving benefits, you may be able to withdraw the claim and reapply at a later date. If you withdraw the application, however, you must repay all benefits received, including any received by a spouse or dependents. This do-over option is limited to a 12-month period and may be used only once in a lifetime.


There are a couple of scenarios where this do-over option may make sense:

  • You are in need of temporary cash flow and will be in a position to pay back the benefits within the 12-month period.

  • You chose to take early benefits, only to discover that it was not the right choice.


It is common to have questions about when to claim social security benefits—and mistakes do happen. In fact, many individuals are unaware that taking benefits before their full retirement age will result in a significant reduction. We have a good understanding of the choices available to help you make the right decision the first time. If, however, you made a choice that you now regret, a do-over option may provide the solution you need.


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This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a tax preparer, professional tax advisor, or lawyer. © Copyright 2020 Commonwealth Financial Network®. Presented by Sara Romaine. Sara Romaine is a financial advisor at Blue Hills Wealth Management. BHWM is located at 300 Crown Colony Drive, Quincy MA. Sara can be reached at 617-471-6800 or sara@bluehillswm.com. Securities and advisory services offered through Commonwealth Financial Network, Member, FINRA/SIPC a registered investment advisor. Fixed insurance products and services and College Planning services offered by Blue Hills Wealth Management and College Funding Solutions are separate and unrelated to Commonwealth.