Ask the Experts!

The professionals at Advanced Underwriting Consultants (AUC) answer the tax and technical questions posed by producers.  Here’s the question of the day.

Question:  My client is collecting early retirement benefits from social security.  She has changed her mind and would like to stop benefits—continuing when she reaches full retirement age.  Is that possible?

Answer:  Maybe.

Here’s a summary of the rules regarding withdrawal of a Social Security application and suspending payments.

http://www.ssa.gov/retire2/withdrawal.htm

According to the website, applications to begin payments can be withdrawn within a year of the start of benefits if all benefits are paid back.  Otherwise, a taxpayer must reach full retirement age before benefits can be suspended.

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