How to return to Social Security the retirement benefits that I collect now for future higher monthly benefits?
I have started a few months ago to collect retirement benefits. Bu since I stll work, I pay high tax on that. How can I return the $ amounts I have already recieved, for future higjher monthly benefits. What are the limitations? And when I decide to reapply for them, how far back can I go, 6 m, 12 months?
Written By: Eli
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July 25th, 2009 at 5:28 am
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You can return all the benefits you have received and turn back the clock then start collecting them later at the rate based on your new start age. 85% of the benefits will be subject to income tax.
July 27th, 2009 at 8:08 am
Shawn Plep
Social Security form 521
July 29th, 2009 at 5:52 am
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You use the SSA Form 521 that v b linked to to withdraw your application. You must repay all benefits received. If approved it will be as if you had never applied in the first place.
When you do decide to reapply for benefits, you’ll apply for benefits going forward only. You will not be able to apply for benefits in arrears.
July 31st, 2009 at 6:20 pm
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When you collect SS, UP TO 85% will be taxed, depending upon your other income.