Do you regret starting Social Security in 2023? There may still be time to cancel.

Applying for Social Security is a decision that requires careful thought. Your age when you sign up can permanently affect the amount you receive from the program.

For most people, applying for benefits is a one-time process. However, if you signed up within the last 12 months and now regret your decision, you can cancel. Below we’ll look at how to do it and who wants it.

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Why do you want to withdraw your Social Security claim?

If you think you started receiving benefits too early, it may be a smart move to withdraw your Social Security claim. The earlier you start claiming, the smaller your monthly check will be. Or, to put it another way, each time you delay your benefits, your check increases a little bit until you’re 70 and eligible for the maximum benefit.

This does not mean that delaying benefits is always the right course of action. Claiming early makes sense for people with short life expectancies or those who can’t afford basic expenses without Social Security. But if none of these situations apply to you, you may get more out of your lifetime program by deferring.

If you’re already enrolled, you can turn back the clock by withdrawing your Social Security application. The government will treat you as if you never received a check. You can then reapply later when you’re ready to receive a larger monthly benefit.

However, you can only do this once and there are many rules to follow.

How to withdraw your Social Security application

To begin the process, you must file a request to withdraw your application with the Social Security Administration (SSA). This means we will stop sending you checks until you re-enroll. That’s the easy part.

The trickier part is that you also have to repay any money you’ve already received through the program. This includes benefits paid to you as well as your spouse or dependents if they claim it on your work record. If Medicare premiums were withheld from your check, you must repay this amount as well. For some, this is not possible.

There are also time limits on when you can withdraw your application. You can only withdraw within the first 12 months after you start Social Security. If it has been longer than that, there is no way to get back the money you already received.

What happens if I can’t withdraw my Social Security application?

If you are unable to withdraw your application due to one of the restrictions listed above, your benefits may stop when you reach full retirement age (FRA). Your FRA ranges from 66 to 67, depending on your year of birth.

You can do this by contacting SSA. If you request a pause, your benefits will stop being sent until you request a restart or until you reach age 70. While you are not receiving a check, your benefit amount increases by two-thirds of 1% each month. . When you start receiving benefits again, your new check will be larger. However, it is not as large as if you had never claimed Social Security before FRA.

If you are satisfied with your decision to start claiming benefits, you do not need to pause your benefits or withdraw your Social Security application. But it’s good to know that these options exist. This is especially true if you have recently applied or plan to apply in the near future.