Claiming Social Security is not only a major milestone but also a financial decision that can impact your retirement income for the rest of your retirement. While it is allowed to claim your benefits early before full retirement age (FRA), doing so can cost you thousands of dollars. Surprisingly, there is a little-known government secret that can allow you a do-over if you claimed early and realized that it was costing you. All you need to do is file a government form.
The Social Security “Do-Over”
If you later regret that you made a mistake by filing your Social Security benefits early, you may be able to withdraw your application and restart later for a higher monthly payment. You will only be required to fill a little-known government form known as Form SSA-521, officially known as Request for Withdrawal of Application.
Through this form, you can cancel your Social Security benefits within 12 months of approval. However, the SSA says that you can cancel your application once and can reapply later. Therefore, if you made an early decision and felt that it was not the right one at the time, you have one opportunity to reverse it. However, you will need to act fast.
How It Works
To file for the do-over, log in to your SSA account and locate Form SSA-521, fill out all the required information, upload the required supporting documents, and submit it online. You can also mail a printed copy directly to your local Social Security office.
However, for your submission to be considered, you must fully repay all benefits that you had already received. These benefits include all payments that were sent to your bank and all amounts withheld for premiums, Medicare taxes, and garnishments. You will also have to refund all Medicare expenses covered by Medicare Part A if you were using one.
Besides these hurdles, applying for a do-over might be a great idea because you will have a chance to delay claiming your benefits, thus boosting the monthly benefit you will receive later on.
Why Timing Matters
You can claim Social Security as early as age 62, but doing so reduces benefits by as much as 30% for life. Being patient and waiting until your Full Retirement Age (FRA) or beyond considerably boosts your monthly payments.
Your FRA depends on the year you were born:
- Born in 1957: 66 years and 6 months.
- Born in 1958: 66 years and 8 months.
- Born in 1959: 66 years and 10 months.
- Born in 1960 or later: 67 years.
When you claim your benefits at your FRA, you qualify for 100% of all your earned benefits. Delaying up to age 70 earns you delayed retirement credits, and this boosts your monthly check by much more.
How Much More You Could Get
Timing when to claim your Social Security determines the monthly payment you will receive. The table below shows the monthly benefit an individual would receive if they earned the maximum table income throughout their career:
| Retirement Age | Monthly Benefit (2025) | Difference from Early Claiming |
| Age 62 | $2,831 | — |
| Full Retirement Age (66 years, 10 months) | $4,018 | +$1,187 per month |
| Age 70 | $5,108 | +$2,277 per month |
Waiting until you are 70 boosts your monthly benefit by more than $2,200. That amount could be the difference between surviving and living comfortably for many retirees. Considering the high inflation rate and longer life expectancies that are stretching retirement budgets, the boost would make a huge impact.
Conclusion
Form SSA-521 offers a second chance for retirees who may have rushed to claim their Social Security benefits. Although you may have to pay for what you have already received, withdrawing your application could significantly increase your monthly check.