Over the past few years Social Security consulting has become a large part of my practice. I’ll often meet with individuals who have already filed for Social Security and now realize they’ve made a mistake.
Their question is always the same. “Is it too late to change how I filed?” Thankfully, the Social Security Administration has a clear-cut set of rules on modifying your filing strategy.
Here it is:
You have up to 12 months from the date you filed to file Form 521 and repay ALL Social Security payments. If 12 months or more have passed, you cannot withdraw your application.
If only all of the other rules were that simple. To read the Social Security’s publication on this click HERE.
It’s important to note that ALL Social Security payments must be repaid. This includes:
- All payments received by you
- All payments received by a spouse
- All payments received by a child
- All money that was withheld from your Social Security check such as
- Medicare premiums
- Tax withholding
This may sound expensive, but when you consider how much your benefit increases for waiting it could be a bargain. One other thing should be noted. You can use this option once so make it count.
How much does your benefit increase for waiting? For an in-depth view, view my video “Social Security Benefits and Filing Ages.”