Social Security - Start Over

Question 1

What is the SS start over provision?

Answer 1

Those within 12 months of starting benefits can stop benefits, pay back the benefits they have received and then reapply.

Question 2

What steps are are necessary to implement a “start over” of SS?

Answer 2

1. File SSA Form 521 “Request for Withdrawal of Application”
2. Pay back all benefits received
3. Refile for benefits

Question 3

T or F

No interest is due to SSA on benefits received prior the doing a Start Over.

Answer 3

True. No interest is due.

Question 4

What is the advantage of implementing a “Start Over” of SS benefits?

Answer 4

The new benefit amount upon restart will be higher due to starting at a higher age.

Question 5

After a “Start Over” is there a time limit to how long you can wait to refill?

Answer 5

No. You can wait as late as age 70 if you wish to maximized delayed retirement credits.