You can withdraw your Social Security application within 12 months of applying.
To do this, you must pay back all benefits you've received thus far.
If you can't do this, your checks will still grow each year through COLAs.
You thought you were ready to apply for Social Security benefits, but a few months in, you're second-guessing that decision. You're worried that you've permanently short-changed yourself by signing up when you did, rather than waiting until later when you qualify for larger checks.
You're far from the only person this happens to, and the good news is that you might not be locked into your current benefit amount forever. There is a way to get a do-over if you want one, though it comes with a catch.
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The Social Security Administration allows you to withdraw your application within 12 months of applying if you've changed your mind. The catch is, you have to pay back all the benefits you've received from Social Security thus far to do this. If you have a spouse or children claiming on your work record, you must repay that amount as well.
If you are able to pull this off, the Social Security Administration will treat you as if you've never applied for benefits before. When you sign up again, your checks will be larger than they were the first time. But this is a one-time offer. The next time you apply for benefits, you're locked in.
Many people can't withdraw their applications because they can't repay the benefits they've already received. In that case, you're stuck with your current checks for now. But when you reach your full retirement age (FRA) -- 67 for most people today -- you can opt to suspend your benefits.
This will increase your checks by 2/3 of 1% per month, or 8% per year, until you turn 70 or request that your checks resume. It could boost your benefits by up to 24%, but again, it requires you to go without Social Security for a while, which could be tricky if you're on a tight budget.
If withdrawing your Social Security application or suspending benefits at your FRA isn't an option for you, you will still see small benefit increases each year thanks to annual cost-of-living adjustments (COLAs). The size of these COLAs depends on inflation. They're not intended to help you get ahead, though. They're just supposed to help you keep up with rising living costs.
Working seniors may find that their paychecks increase over the years. This is especially true if you're earning more now than you did in years past. If you've lost money due to the earnings test in years past, you could also see a sizable benefit boost when you reach your FRA. Contact the Social Security Administration if you have any questions about this.
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