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Retired, but not by choice. Now what?
Over half of retirees leave the workforce earlier than expected. Whether due to their health, corporate restructuring, or Artificial Intelligence (AI), it is becoming a common factor.
One of the most common things a person, at least age 62, does when this happens is to start their Social Security benefits. Then they get a new job offer, and their income will be too high to continue receiving their benefits due to the earnings limit. If it has been less than 12 months, and you can afford to pay all the payments you received back, you can use the “Do Over Option.” Call Social Security, tell them you made a mistake, and want to cancel your benefits. Social Security will send you a letter informing you how much to pay back. It will be as if you never applied, but you can only do this once.
For more pointers on unexpected early retirement, click here … to read the article by Victoria Larson on Kiplinger.com.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.