Is it too late to change early retirement after you submit your application?
The Social Security Administration says YES but only within one year and there are serious consequences:
- You must repay all the benefits you and your family received based on your retirement application.
- The repayment must include any benefits your spouse or children received based on your application, whether or not they are living with you.
Note: Anyone who received benefits based on your application must also consent in writing to the withdrawal.
How to do it?
Fill out Social Security Form SSA-521 and include the reason why you want to withdraw the application on the form.
Note: If you already have Medicare, your request must also clearly state whether your Medicare coverage should or should not be included in the withdrawal.
Send Social Security the completed form and wait for a letter that states how much you have to repay.
What if you change your mind?
You have 60 days to cancel an approved withdrawal. After that, you will lose any possible entitlement for the period covered by your original application.