Quote:
Originally Posted by rjm1cc
This option is no longer available. You only have 12 months from when you start receiving benefits to stop the benefits and return money.
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RJM1CC, Happy to see SSA made this change. It was a loophole that should have been closed from the beginning. When you consider the implications of withdrawing your retirement application, repaying your Medicare Part B premiums, and any income tax withheld, etc. it must have been a logistical nightmare, and costly to administer. SS is a social insurance program and was never meant to be abused this way, IMHO.
George
Instead of withdrawing your application for SS retirement benefits, you can request that they suspend your payments to begin accruing
delayed retirement credits. I believe you have to do so prospectively rather than retroactively.
On December 8, 2010, the Federal Register published the Amendments to Regulations Regarding Withdrawal of Applications and Voluntary Suspension of Benefits with a request for public comments. The rule was final on that date. SSA modified its’ regulations to limit the voluntary suspension of benefits for purposes of receiving DRCs to months for which the number holder has not received a payment.