Social Security New Rules Explained By Financial Expert

The Social Security Administration allowed people to repay any Social Security benefits they were paid without interest until the rules were changed in 2010. Now, people only have 12 months to change their mind and repay Social Security as part of a one-time option.
This post was published on the now-closed HuffPost Contributor platform. Contributors control their own work and posted freely to our site. If you need to flag this entry as abusive, send us an email.


There are a lot of people who've taken Social Security who've wished they could have a do-over when it comes to taking the benefit. Many didn't always realize or understand the benefit of waiting until full retirement age of 66 or age 70 instead of taking it 62. Some people are leaving tens of thousands of dollars on the table if they live to their normal life expectancy.

The Social Security Administration allowed people to repay any Social Security benefits they were paid without interest until the rules were changed in 2010. Now, people only have 12 months to change their mind and repay Social Security as part of a one-time option.

A change may be in the works that would allow people to go back to that do over, but only those who are wealthier and have cash on hand could pursue that option if Social Security enacts changes.

Andy Landis, author of Social Security: The Inside Story, says in December that Social Security published new rules in its online manual system saying you can do that at any time. That's not the case at this time because Social Security still has the same rule in place since 2010 and you only have 12 months to change your mind about returning Social Security payments, Landis says. He says although nothing has changed, that rule published in December could be a hint of what's under consideration. He's still waiting for an answer himself.

"The rules around withdrawal are still in flux, and they may change by August," Landis says. "Just keep checking with Social Security to see if you can do it beyond 12 months."

Visit NowItCounts.com, the new destination for Americans 50+ covering financial, health, beauty, style, travel, news, entertainment and sports.

Popular in the Community

Close

What's Hot