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?
Here’s a summary of the rules regarding withdrawal of a Social Security application and suspending payments.
According to the website, applications to begin payments can be withdrawn within a year of the start of benefits if all benefits are paid back.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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