Anyone filed for SS then stopping within 1st year?

[freetodream]

That's what I have done. I am 62. Now I am reconsidering the decision. From the SS website there is a form to stop payments; I think you can only do this once and it has to be within the 1 year of your filing date only for most of us (a few still qualify to suspend because they met the age prior to the law change).

I won't receive my first payment until July. Does anyone see a problem suspending my application before I even get the first payment?

Has anyone done this?

 

[SecondCor521]

I have not.

Be careful with your terminology. Social Security allows you, if you meet the requirements, to either withdraw your application or suspend your benefits. It is not clear which you are referring to.

For withdrawing your application, which is where you've changed your mind and don't really want to start Social Security and you'd like a "do over", see https://www.ssa.gov/planners/retire/withdrawal.html. As far as I know, withdrawals have a one year rule associated with them and there is no change to this rule associated with the 2015 law changes.

For suspending benefits, which is where for some reason you don't want to receive your SS payments for a while (usually to accumulate delayed retirement credits; i.e., to get your payment to grow), see https://www.ssa.gov/planners/retire/suspend.html. There are changes related to suspension based on the 2015 law - notably, if you missed the grandfather qualifications, you now can't file for and then suspend your benefit and let your spouse or anyone else claim benefits on your record while your benefits are suspended.

It sounds like you want to withdraw your application. I don't know if you can do that or not. I'm sure SS has seen the scenario where a person applies then wants to suspend before even receiving payments, and I'm sure they can handle it correctly.

 

[freetodream]

Thanks for the information & clarification. I am in the first situation which means I am withdrawing my application.

 

[joeea]

That's what I have done. I am 62. Now I am reconsidering the decision.

Why did you choose to begin receiving benefits at 62?
What has caused you to change your mind?

 

[SecondCor521]

Although it is usually described as a "do-over", I did read one page (https://www.forbes.com/sites/kotlik...enefit-instead-of-suspending-it/#4da0c00d3b5e) that implies that you can only withdraw once.

@joeea, I'm not the OP and I am similarly curious. My guess would be that s/he either (a) read some additional information that changed his/her mind, or (b) got a job and thus either doesn't need the SS or wants to let his/her SS benefit grow, or both.

 

[Telly]

I saw the form for that not too long ago on the SSA website. I did not like the part where you have to fill in your reason for doing it, THEN they decide to comply, or not!

As an example, say a person wants to move from A to B. They want to buy house B before selling House A. So they apply for a mortgage, but need to show enough "income", an issue for those who no longer have wages income. A clear qualifying way to boost income is to be receiving SS. So person applies for, and starts getting SS. They get the mortgage, buy house B, move from A to B, then sell house A, paying off mortgage for B with the proceeds of the sale of A. Then want to turn off and repay their too-soon SS. If they are declined, then SS continues at the earlier age than they wanted. Stuck.