Ask Terry Questions Taking Social Security

Taking Social Security

By Terry Savage on July 05, 2024 | Financial Planning / Retirement

Hello Terry!

First of all, you are awesome! I so appreciate your segments on WGN radio and resprect your expereince and expertise. I am 63 in 3 months and am looking at claiming social security. I was laid off in January and do not want to deplete my savings until that time when I find a new position. If I draw on SS could I pay it back once employed? What should I know? Thanks!!

Terry Says

Oh, that’s a terrible plan on your part.  Please try NOT to apply for SS early.  Yes, in the “reduction” formula, you’ll eventually get it back in your future checks over the years, even though you get a reduced benefit now.  BUT, try to find that new position ASAP,so you don’t have to go through this process. Yes, you can repay the benefits you took — WITHIN ONE YEAR of starting SS.  But it is a complex process, and you don’t want to mess around.

Please find a better plan!

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