I receive Social Security already. Can I cancel my benefits now and reapply later?Published: July 19, 2021
Yes, there are two opportunities to stop payments and reapply to start again later.
If you have been collecting benefits for less than 12 months, you may withdraw your application. This requires you to pay back any Social Security income you have collected, but essentially “wipes the slate clean” so you can reapply at a later date.
If you have been collecting benefits for more than 12 months and are full retirement age or older, you may suspend your benefits. This stops your payments, and the benefit amount will grow during suspension due to delayed retirement credits. The increase is 2/3 of 1% per month, which equals 8% per year.
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