Jump directly to the Content

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? ...

Join now to access this member-only content

Become a Member

Already a member? for full access.

Related Topics:
Posted:
  • February 19, 2015

Related ResourcesVisit Store

12 Law & Tax Guidelines for New Ministers
12 Law & Tax Guidelines for New Ministers
Essential knowledge to ensure legal and financial clarity and integrity in ministry.
Human Resources Bundle
Human Resources Bundle
Your one-stop-shop for HR knowledge, designed to help prevent employment-related legal issues.
Smart Money for Church Salaries
Smart Money for Church Salaries
This resource takes you on a journey through real-life case studies to uncover compensation issues and navigate their solutions.
20 Finance Questions Churches Ask
20 Finance Questions Churches Ask
Richard Hammar answers relevant tax and finance questions for church leaders.