Full question: Hi Martha I turn 70 in January 2025 and called to apply for 70 to maximize benefits. The Rep pressured me about accepting retro to April 2025. I said no and then changed application from 70 to retro 69 and 3 mo to get lump sum which I did not need now. I calculated that by age 95 I would have been somewhat ahead financially if I had waited. Would have taken 12 years for age 70 benefit to catch up to retro. Now I feel I made a mistake. Received most of the retro but nothing else but wonder if it is worth cancelling or appealing so I can change back to age 70 benefit next month. Is it risky doing this and will I be able to apply for Jan age 70. How long does it take and what if I get a 1099 after I return the retro money. I am nervous about this. Should I do it or let it go? I don’t understand the process.

Hi there,

After reading your question, I am assuming that you meant you are turning 70 in Jan 2026, not 2025.

If you started benefits in April of 2025, rather than in January of 2026, you collected the 8 months prior to age 70. This results in a 5.3% lower benefit than if collecting at age 70. You also received a lump sum retroactive amount from your filing in October back for 6 months to April

You made a wise decision to wait as long as possible, but I cannot tell you if it is worth your time and energy to pay back and restart now (Jan 2026). However, you have all the information needed to decide and it really comes down to your feelings about what is best for you.

If you’d like personalized support, reach out to an RSSA here.

Wishing you all the best,
Martha

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