Q. My husband took SS retirement at age 62 but has returned to full-time work due to financial need. He plans on working another 5 years. Meanwhile his Social Security checks have stopped. Would it be advantageous for him to formally withdraw his retirement and pay back what he received–and then file again when he really retires? Or can he just sit in what must be non-pay status for 5 years and then let them know he stops working?
A . As of the month he reaches full retirement age, your husband’s Social Security benefit will be automatically recalculated to remove the early retirement reduction for any month an early benefit was not paid. If he waits past full retirement age to resume benefits, his benefit will include delayed retirement credits for any month up to age 70 that a benefit was not paid.
Under newly published regulations, if it is less than one year since your husband’s benefits began, he may withdraw his initial benefit application, repay benefits and submit a new application when he again wishes to receive benefits. If it has been more than one year since he began benefits that option is no longer available to him.