Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits.
Today’s Social Security question is about the period of time within which you can withdraw a benefit application to undo a mistake.
Question: I’m currently reading your book. It’s a huge struggle to get enough information to know what to do, as you know — and even reading the book, I’m still struggling mightily (and I used to edit very technical information, have a decent education, etc.) — so I can only imagine how folks with less “world savvy” struggle – or not, since they may not know they have choices with regard to Social Security. That so many people don’t understand the system well enough to leave those billions on the table is just plain unreal and even scandalous!
I fear my spouse and I may have made a terrible mistake in our choice — I signed up to start mine (age 62 now) about 3 months ago, to get the first check in April 2015 — he’s still working, has suspended his and has paid in the top amount for 35 years or longer — and I now think I might have left tons on the table also. I foolishly should have either not taken it so early OR maybe just have taken my own retirement benefit, rather than the spousal one.
Answer: You have one year to pay back every penny you received and start from scratch in deciding what to do. You can’t take your retirement benefit early without taking your spousal benefit early and vice versa. This is the deeming gotcha we discuss. See what the software says to do, and if it tells you to wait until full retirement age and collect just your spousal benefit starting then and wait until 70 to collect your own retirement benefit — just file a request with SS to withdraw your retirement benefit and your spousal benefit. You’ll need to cut them a check, but so be it.
SOURCES :http://www.forbes.com/sites/kotlikoff/2015/09/14/social-security-qa-how-much-time-do-we-have-to-undo-filing-too-early/
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