Ask Terry Questions Social security withdrawal after starting

Social security withdrawal after starting

By Terry Savage on April 29, 2024 | Financial Planning / Retirement

I am 63 and started taking my social security 6 months ago. What must I do and what all entails to stop receiving my benefits at this time, so I can return to full time employment that would exceed the maximum amount eligible to earn if receiving social security? Thank you.

Terry Says

It’s typically a mistake to start SS early — and now you’re facing the consequences of going back to work. But you’re in luck — you have one year to change that decision, but you must repay all benefits received.
Read this good article for instructions:

You’ll have to fill out form 521 to make that application to withdraw — Here’s a link to it.

And this time, wait until you’re 70 to restart your benefits. It’s worth the wait!! Use other retirementmoney first!

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