Social Security Question
I recently read your response to “Social Security HUGE MISTAKE” April 16, 2022. I started SS in February of this year 2022 while still working full time. I turned 66 and 3 months at the time. Is this the same huge mistake? I have received 4 months of payments. Can this be reversed or postponed by paying back the benefit?
Terry Says
You can — and should — reverse this in writing. You have a one-time chance to reverse your decision within 12 months of taking benefits. And you must REPAY the benefits you have received.
The REASON for doing this is that if you can afford to (having other income from work) delay payments, your base payment will increase 8% a year! That is better than you are likely to get on your investments — and this is a sure thing! It provides a higher base upon which later inflation adjustments will be made.
For details on the procedure for reversing this decision — use this link to the Social Security website pate.
