Americans benefit from social security the most if they wait as long as possible to collect.
Sometimes people make decisions to hastily before knowing all the facts, and filing for social security can be one of them. So can it be undone?
The answer is yes.
Some people filed when they lost income during the pandemic, or they found out the checks would be more if they had waited.
By collecting at age 62, the reduction is as much as 30%. Full retirement age is 66-67, and if people wait they can collect the entire amount.
By waiting until 70, people will then get 132% of their benefit.
If you want to unclaim benefits, there is a way.
As long as you retract it within 12 months, you can undo it. You’ll need to request the social security administration to suspend benefits.
A withdrawal application can be filled out and brought to your local social security office.
If withdrawing, you may need to repay benefits received. The administration will notify recipients of the amount they owe by mail.
Medicare Part A benefits need to be repaid in full as well.