2 Social Security ‘do-overs’ almost nobody knows about

You claimed Social Security early and now you’re having second thoughts? Here’s the surprising news: You might not be locked in forever.

Most people think claiming Social Security is a one-and-done decision: Sign on the dotted line at 62, accept that smaller monthly check and that’s it. But what if you inherit money six months later? Or land a new job that pays better than expected? Turns out, you might not be as stuck as you think.

What most people don’t know is that Uncle Sam built two escape hatches into the system — and they could save you thousands of dollars over your lifetime. The catch? You need to act fast with one option, and you’ll need to crunch the numbers with both.

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The 12-month do-over that starts from scratch

If you started collecting Social Security within the last year and you’re thinking, This was a mistake, you can hit the undo button. It’s officially called a “withdrawal of application,” but you can think of it as buyer’s remorse for retirement benefits.

It’s a straightforward process: Fill out Form SSA-521 and submit it through your Social Security account or local SSA office.

Once Social Security approves your withdrawal, it’s as if you never applied. When you’re ready to claim again, you can reapply for benefits at whatever age makes sense.

⚠️ The catch

You must repay all benefits you received, plus any benefits your family collected, money withheld for Medicare premiums, tax withholdings and any garnishments. You’ll typically need to pay it back as a lump sum, though short-term payment arrangements may be possible.

You get only one shot with this — just one withdrawal per lifetime.

💰 Is it worth it?

Let’s say you claimed at age 62 at $1,800 a month. You’d need to repay roughly $10,800 to withdraw your application after six months.

But if it meant you could wait until your full retirement age at 67, your monthly benefit would jump to about $2,580 — an extra $780 every month for the rest of your life.

🔍 Read more: Your Social Security reality check: 5 steps to estimate what’s coming your way

The patience play that hits pause at FRA

If you missed the 12-month window above, don’t panic. There’s a second option — but you must be at full retirement age or older to use it. (That’s 66 to 67, depending on your birth year.)

It’s called “voluntary suspension,” and it’s more forgiving than the withdrawal option. You don’t have to repay anything — just ask Social Security to pause your checks. They’ll stop the month after you make the request, and you can restart them anytime up to age 70.

During the pause, you earn what Social Security calls “delayed retirement credits” — two-thirds of 1% for each month you delay, which works out to 8% per year. You can request a suspension over phone, by mail or with a visit to your local Social Security office. Benefits automatically kick back in once you reach 70.

⚠️ The catch

Any family members receiving benefits on your record will also lose their checks during the suspension (though an ex-spouse’s benefits aren’t affected). And if Medicare premiums are deducted from your Social Security check, you’ll need to pay them directly during the suspension too.

Unlike withdrawal — which you can only use once — you can suspend and restart your benefits multiple times between FRA and age 70.

💰 Is it worth it?

If you’re getting $2,000 a month at full retirement age and you suspend for three years until age 70, you’ll collect $2,480 a month instead. That’s an extra $5,760 every year for the rest of your life.

🔍 Read more: Still working past 65? The Social Security penalty hiding in plain sight

When a do-over doesn’t make sense

Before you rush to withdraw or suspend your benefits, consider whether it’s the right choice for your situation.

You may want to skip withdrawing or suspending if:

• You’re in poor health or have a shorter life expectancy

• You genuinely need the income to cover basic expenses

• You don’t have the cash to repay benefits for a withdrawal

• Your spouse or dependent children rely on your benefits

Consider withdrawing or suspending if:

• You’re still working and earning good money

• You can comfortably live on other income sources

• Longevity runs in your family

🔍 Read more: 90% of Americans break this Social Security ‘rule’ – and claim early anyway

Bottom line: 2 chances to course-correct your retirement

Social Security isn’t as rigid as you might think. Whether you’ve collected benefits for six months or six years, you’ve got a few options to course-correct and increase your monthly check..

The withdrawal route requires you to pay back everything now for a bigger payday later. The suspension approach is simpler: Just pause after your full retirement age, and let those delayed credits build until you’re 70.

Either way, talk to a trusted financial advisor who specializes in Social Security planning before you reverse course. They can run the numbers based on your health, financial situation and other factors to help decide if a do-over makes sense.

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About the writer

Kat Aoki is a finance writer who’s written thousands of articles to empower people to better understand technology, fintech, banking, lending and investments. Her expertise has been featured on sites like Lifewire and Finder, with bylines at top technology brands in the U.S. and Australia. Kat strives to help consumers and business owners make informed decisions and choose the right financial products for their needs.

Article edited by Kelly Suzan Waggoner

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