Already Filed for Social Security and Have Second Thoughts? Here’s What You Can Do

Key Points

• You may be able to cancel your Social Security application within 12 months of filing.

• Doing so requires repaying every benefit you have received so far.

• If that is not possible, your monthly check can still increase over time through COLAs.

You may have signed up for Social Security thinking the timing was right, only to wonder a few months later whether you should have waited. It is natural to worry that filing too early has permanently reduced your lifetime benefits.

The good news is that in some cases, you are not necessarily stuck with that decision forever. There is a way to reverse course, although it comes with a significant condition.

How to withdraw a Social Security application

The Social Security Administration lets you withdraw an application within 12 months of filing if you decide you want to undo it. To do that, you must repay all of the benefits you have collected so far. If a spouse or child has claimed benefits on your earnings record, that amount must also be repaid.

If you meet those requirements, the Social Security Administration will treat your application as though it never happened. You can then file again later and receive a larger monthly benefit. But this option is available only once. After that, a later filing locks in your claim.

Many people cannot use this option because they do not have the money to repay what they have already received. In that case, you will keep your current benefit for now. Once you reach your full retirement age, which is 67 for most people, you can choose to suspend benefits instead.

Suspending benefits increases your future payment by two-thirds of 1% per month, or 8% per year, until age 70 or until you ask to restart them. That can raise your monthly check by as much as 24%, but it also means going without Social Security income for a period of time, which may be difficult on a limited budget.

Your benefit can still rise even if you cannot undo your claim

If neither withdrawing your application nor suspending benefits at full retirement age is an option, your payment can still grow gradually each year through annual cost-of-living adjustments, or COLAs. These increases are tied to inflation and are meant to help benefits keep pace with higher living costs.

Working retirees may also see their future benefits improve over time, especially if they earn more now than they did earlier in their careers. If the earnings test has reduced your benefits in prior years, you may get a meaningful increase once you reach full retirement age. If you have questions about your situation, contact the Social Security Administration.