Consider the implications of canceling Social Security payments before age 65

From Nasdaq: 2025-06-22 18:00:00

Summary: When deciding when to sign up for Social Security benefits, it’s important to consider the impact on the size of your checks. Undoing a Social Security application is possible within the first 12 months, but you must pay back all benefits received. Factors like early-claiming penalties and life expectancy play a role in determining the ideal claiming age. It’s crucial to carefully weigh your options before submitting your application.

In a recent Reddit post, a woman wanted to cancel her retirement benefits at 64 and wait until 65. While it is possible to undo a Social Security claim within the first 12 months, there are financial implications to consider. Depending on your health and financial situation, delaying your benefits could be the right move for maximizing your lifetime benefit. Be sure to thoroughly evaluate your options before making a decision.



Read more at Nasdaq: My Mom Wants to Cancel Her Social Security Payments. Is Waiting Until 65 Worth It?