Social Security withdrawals let you cancel benefits within a year of starting them. It can be a flexible option for your financial future.
What Is Benefit Withdrawal?
Reasons include a financial windfall, a high-paying job, or a new retirement plan. Pausing benefits might mean higher future payments.
Why Withdraw From Social Security?
Act fast! Submit your withdrawal request within one year of approval to make changes to your benefits.
Withdrawal Time Limit
You must repay all benefits received, including amounts for Medicare, taxes, or family members.
What Happens When You Withdraw?
Withdrawals require repayment and are limited to once in a lifetime. Suspensions are for ages 66–70 and need no repayment.
Withdrawing vs. Suspending Benefits
Keep Medicare even if you cancel Social Security benefits. Just continue paying premiums to maintain coverage.
Medicare and Benefit Withdrawals
Fill out Form SSA-521, explain your reason, and submit it to your local Social Security office
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Steps to Withdraw Your Application
Learn all the details about Social Security withdrawals and plan your retirement wisely!
Ready to Make a Change?
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