CONTRIBUTORS
Bill Cass, CFP®, CPWA®
Director of Wealth Planning,
Franklin Templeton
Claiming Social Security is one of the most critical financial decisions you will make, serving as a significant factor in determining your financial success in retirement. You must consider several variables: Does it make sense to claim benefits early to improve current cash flow and avoid tapping into other accounts? Given longevity risk, should you delay benefits past your full retirement age (FRA) to maximize the monthly retirement benefit? Furthermore, how should you coordinate benefits with your spouse? You should make this decision only after careful analysis of your specific circumstances, as getting it right is essential for creating a successful path in retirement.
Even after weighing key factors, situations can change, causing you to re-examine your decision. If you have already claimed Social Security benefits, you have several options to change course.
Withdraw your application (within 12 months of claiming benefits)
Within 12 months of claiming benefits, you can make a one-time change of mind and essentially “undo” your benefits application. If your monthly benefits have already commenced, you must repay all Social Security benefits received, including any funds withheld for Medicare premiums or taxes. To initiate this process, you must submit Social Security Form 521, Request for Withdrawal of Application. This applies to your own retirement benefit, a spouse collecting spousal benefits on the record of the spouse filing the withdrawal, or a survivor benefit. Once approved, you are granted a “clean slate,” as if you had never requested benefits in the first place. This option can be particularly helpful if you claimed benefits early and subsequently decided to return to work. Above certain limits, earnings from work will result in your benefits being withheld.* Alternatively, if your decision to claim Social Security was premature and made without carefully considering the consequences, withdrawing your application offers a valuable “do-over.”
Suspend benefits (at or after full retirement age)
If you claimed benefits early, you have the option to suspend your benefits once you reach your FRA. At that point, delayed retirement credits will apply, resulting in a larger monthly amount in the future when you resume your benefits. For each year of suspension, your benefit will grow by 8% (exclusive of annual cost-of-living adjustments). This option applies only to your own retirement benefit, not to spousal or survivor benefits. You may resume benefits at any time, but you must do so by age 70. Note that once you suspend your benefits, any other benefits based on your record, such as a spousal benefit, are suspended as well. However, this rule does not apply to spousal benefits for divorced individuals. Additionally, if you suspend your benefits, you must pay your Medicare premiums directly, as these premiums are typically withheld from your monthly Social Security checks. You can request suspension of your benefits in writing or by calling the Social Security Administration. Suspending benefits may be appropriate if you are concerned about longevity risk and regret claiming early. In cases where a spouse relies on you for an eventual survivor benefit, suspending benefits may be especially important to maximize the monthly benefit for the surviving spouse.
Resume employment (before full retirement age)
If you claimed Social Security early and more than 12 months have elapsed, another option is to simply return to work. Depending on your earnings, this may effectively yield the same result as suspending your benefits until you reach your FRA. For 2026, once your earnings exceed $24,480, your benefits are withheld. Specifically, for every $2 earned over this threshold, one dollar of benefits is withheld.* Once you attain your FRA, any withheld benefits are adjusted back into your monthly Social Security check.
While it is preferable to make the correct choice when initially claiming Social Security benefits, it is important that you understand your potential options to change course if necessary. Sometimes, this need arises simply because you change your mind regarding your financial plan; in other cases, unforeseen external factors may come into play. For additional details on these options and further information regarding claiming Social Security, you should visit SSA.gov.
*An earnings limitation applies to those who claim Social Security early and continue to work. For 2026, for every $2 earned above $24,480, $1 in benefits will be withheld. During the calendar year you reach your FRA, the threshold increases to $65,160. Above this threshold, for every $3 earned $1 in benefits is withheld.
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