From the age of 62, you are eligible to apply for Social Security benefits. However, according to the regulations of the United States Social Security Administration (SSA), if you start receiving benefits before reaching the “Full Retirement Age” (FRA), the amount you receive will be reduced. The FRA is typically around 67 years old, but the specific age depends on your year of birth.
If you start claiming Social Security benefits at 62 or before reaching full retirement age, but later change your mind, you may have the opportunity to reapply.
Claiming Social Security benefits early could result in you receiving significantly less money. For example, according to SSA calculations, if you can receive $1,000 per month after reaching full retirement age, but only $700 per month if you start claiming at 62, that’s a 30% reduction compared to waiting until 67 to claim.
You might think that suspending benefits can earn you additional retirement credits, further boosting your benefit amount.
You may also find that claiming benefits a few years earlier and receiving a reduced amount of Social Security might not be worth it, especially if you have other sources of income.
Another scenario could be suddenly acquiring additional income, such as inheriting a sum of money, making you temporarily not in need of Social Security benefits; or finding a higher-paying job.
For whatever reason, if you change your mind after starting to claim benefits, you still have the option to make a different choice.
Timing is crucial if you want to withdraw your application. According to SSA regulations, you must request a withdrawal within 12 months of your initial application, and you can only withdraw once.
To apply for withdrawal, you need to fill out Form SSA-521, which can be downloaded from the SSA website.
If you have registered for “My Social Security” account online, you can submit the form and related documentation directly through that account, or mail the form to your local SSA office. Either way, you can find relevant information on the SSA website.
If you withdraw your application within the 12-month deadline, it will be as if you never applied for Social Security benefits. However, every dollar previously received must be returned to the SSA, and it is the gross amount that needs to be repaid, even if you received less after various deductions.
This means that every penny of the retirement benefits you previously received must be repaid.
This will also affect your family. Any benefits your spouse or children received will also need to be returned. According to Thrivent, if your family members have received benefits, written consent is required regarding the withdrawal of the application.
Even if some money was never directly deposited into your bank account but was withheld for reasons like paying Medicare Parts B, C, and D premiums, or garnished by court order, those amounts need to be repaid too, as per SSA regulations.
When submitting Form SSA-521 to withdraw the application, the SSA will not inform you in advance of the exact amount you need to repay. After receiving your application, the SSA will send a notice specifying the precise amount to be repaid.
Generally, no interest or penalties are charged if you repay on time. However, failure to pay within the specified period in the repayment notice will turn the debt into overdue, subjecting it to penalties; after 90 days past due, interest will also accrue.
The withdrawal of the application will only be official after all repayments are completed.
If you choose to withdraw your application and also opt to revoke your Medicare eligibility during this period, both the Social Security benefits and Medicare eligibility during that time will be canceled, treated as if they never took effect.
If Medicare Part A had paid for hospital or other medical expenses during that period, those costs must also be repaid.
The SSA will review your application. If the withdrawal is approved, you will receive an official notification. From the date of approval, you have 60 days to reconsider and cancel the withdrawal.
After 60 days, the withdrawal becomes permanent and cannot be reversed. However, you can reapply for benefits at any time in the future.
Suspending benefits and withdrawing applications to stop receiving Social Security benefits are different actions.
After reaching Full Retirement Age (FRA), you can voluntarily suspend benefits. According to SSA regulations, you have the option to suspend or stop benefit payments at this point.
During the suspension, future benefits can increase by up to 8% annually and are adjusted for inflation. You can resume benefits at any time, but they will automatically restart at age 70.
However, during the suspension period, the benefits received by family members under your Social Security will also be suspended.
If you are enrolled in Medicare, you will need to pay the premiums yourself because they will no longer be deducted from your Social Security benefits.
There are two ways to stop receiving Social Security benefits: by withdrawing your application within 12 months or by suspending benefit payments after reaching Full Retirement Age.
Before withdrawing the application, consider the potential consequences, including repaying the benefits already received.
Suspending benefits can increase future Social Security payments but will temporarily halt family member benefits until you resume or turn 70 years old.
Each option has its pros and cons.
© 2026 The Epoch Times. This article is for informational purposes only and represents the author’s views and arguments. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or other personal financial advice. The Epoch Times does not guarantee the accuracy or timeliness of the article.