(This article originally appeared in the April 2025 issue of Military Officer, a magazine available to all MOAA Premium and Life members. Learn more about the magazine here; learn more about joining MOAA here.)

About 63% of retirees claim Social Security before their full retirement age (FRA), even though this reduces their monthly benefit as well as their survivor benefit. Perhaps they feel they might not live long enough to make the wait “worth it.” Or perhaps they need the extra income.

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Then there are those who claim Social Security but end up going back to work. If they earn more than a certain amount, they are charged a penalty by Social Security until they reach full retirement age.

These retirees might later regret their claiming strategy. But once you have made the decision to claim Social Security, can you go back?

In fact, there are two separate ways you can ask Social Security for a “do over” if you claim benefits and later change your mind.

Withdrawal of Benefits

You can cancel your benefits application up to 12 months after the Social Security Administration approves your benefit. You can only do this once.

If you received payments, you’ll have to repay them as well as any money that was withheld for taxes, payments made to spouses or children on your account, Medicare premiums, or garnishments.

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Once you withdraw your benefit, it’s as if you never filed in the first place. Your potential benefit will continue to grow, and you can refile for benefits at a later date. If you wait until your FRA to file, you will receive your full benefit; if you wait beyond retirement age, your benefit will continue to grow by 8% a year until you reach age 70. 

To cancel your application, you must either mail or bring in Form SSA-521, Request for Withdrawal of Application, to your local Social Security office.

Suspend Your Benefit

If you took benefits before your FRA and you have now reached full retirement age but are not yet 70 years old, you can suspend your benefit and earn delayed retirement credits for each month they are suspended until you reach 70 years of age.

For each month between FRA and 70, your benefit increases by 0.666 percent (the 8% annual rate). That’s in addition to any cost-of-living adjustment there might be. If you were to suspend your benefit for three years between ages 67 and 70, your benefit would grow by 24% once you resume claiming benefits.

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This strategy does not require you to repay any payments you’ve taken, although suspending your benefit does affect a spouse or minor child claiming on your record. Suspending your retirement benefits will also suspend Supplemental Security Income payments.

You can ask to suspend your benefits verbally or in writing, and it will take effect the month after you make the request.

Note that if your Medicare premiums were being deducted from your benefit, you’ll have to pay the premiums separately or you might lose your Part B and TRICARE For Life coverage.

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If you suspend your benefit and find yourself missing the extra money, you can restart it at whatever the new payout amount would be. It restarts the month after you submit your request. Benefits will automatically restart at age 70.