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Q&A: The Risks of Taking Social Security Early

Is there any way to reverse a previous decision to receive early benefits?

I started receiving Social Security retirement benefits at age 62, even though I had not retired. As a result, my benefits have been significantly reduced. Is there any way to change my mind and stop receiving benefits?

Persons who begin receiving Social Security retirement benefits prior to the year in which they reach full retirement age will have their benefits reduced by $1 for every $2 of earned income in excess of a specified amount. For 2015, this annual amount increases to $15,720. Full retirement age (the age at which you are entitled to full retirement benefits) for persons born in 1943 through 1954 is 66 years.

Having your Social Security retirement benefits cut in half for income over $15,720 is a steep price to pay for electing these benefits at age 62, and some persons who make this election later regret it. Is there anything they can do about it? Can they revoke their election? ...

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Posted:
  • February 19, 2015

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