A little known fact about Social Security and collecting retirement early.
Once you makes a selection to start his social security, you can revoke it. Let's say you start social security at age 62 because you are laid off from work. The next year, you are offered work and decide to work a few more years. Because you are under age 66, you need to forfeit $1 of social security for every $2 you earn over $13,560 until you reache the year in which you reache full retirement age. You realize that it would have been better to wait to start social security.
You can elect to "turn the clock back." You can file for "withdrawal of application," -SS form 521- and pay back all benefits you have received (no interest!) . Then, at full retirement age (or anytime you choose), you can start your social security benefits again at a higher level because you are older.
You can elect to "turn the clock back." You can file for "withdrawal of application," -SS form 521- and pay back all benefits you have received (no interest!) . Then, at full retirement age (or anytime you choose), you can start your social security benefits again at a higher level because you are older.
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