Social Security Report

Q & A

When Must I Repay Benefits to Withdraw My Application?

By – Laurence Kotlikoff, via Forbes Social Security Q&A Page –

Full Question: I began receiving Social Security at age 63 in January of 2015. In April, I decided to work part time an extra year. I will end up over the income to receive benefits. I understand that if I get retirement benefits early, then withdraw from receiving benefits before my full retirement age, I must repay what I have already received. Must I write SSA a check now, or when I tell them I want to withdraw? Or do they just keep enough payments to repay the money already received once I retire at age 65?

Answer: Yes, you would have to write Social Security a check for the amount of all the benefits you’ve received (including any tax withholdings) in order for them to approve a request for withdrawal.

Source: Laurence Kotlikoff, Forbes Contributor

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