Took Social Security too Early - Now what?

[dkcdoug]

Hi from San Diego - I'm new to the board. I retired about 7 years ago and have a pension but I set up a consulting business to supplement our income for a few years and to add to our deferred comp. When I was 62.5 last August, my work dried up with the economy - had never been without at least one project in the 8 years since I retired.

So I panicked and took my social security starting in 9/09. In February 2010, the consulting contracts came flying in - of course. I had to stop my social security since I was going "way over" the limit and I understand I will have to pay back what I got from SS for two months in 2010.

I know I will have my retirement recaculated according to the earining of 2010 but I cannot find anything on the SS website about whether there is an option to pay back everything - 4 months in 2009 plus the two in 2010 that I will have to repay anyway - and in essence "un-retire" from Social Security. Wonder if this is possible and if it is a good idea under my circumstances. I know I can call them - but was hoping I could get some information here. I have googled my questions with no luck.

HELP!

 

[REWahoo]

I believe it is called a "withdrawal of application", accomplished by using SSA form 521. I'd search the SS website for more information.

 

[dkcdoug]

Thanks

Wow - just what I was looking for. Can call them now and know a little more about what I am talking about!!

Again, thanks so much!!

 

[clifp]

There are a couple of people on the board who have done this. Along with many us of who are contemplating doing in the future (10 years for me.).

A bit of warning, paying back social security is very very rare. Don't be surprise if it takes you several calls into the SS office to find somebody who can/will help you.