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Veteran Services: Finance Questions

Finances

You're working, and you've got a family that depends on you - both now and down the road. Where do you invest your money? Do you borrow against the equity in your house? Through a preferred provider relationship with USAA, The American Legion can provide expert financial advice to just about any question.

Questions & Answers

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Financial Questions & Answers

Question:

Can a person who started taking Social Security benefits at age 62, and is now 65, pay those benefits back and then apply for full benefits when reaching full retirement age? -John

Answer:

Up until recently, the answer to that question was "yes." The strategy to which you’re referring to was called "withdraw-and-reapply." It called for waiting until age 70 to pay back the benefits received without interest, and then reapply for benefits that would have accrued delayed retirement credits. However, back in late 2010, the Social Security Administration eliminated that option except in cases where the request occurs within 12 months of beginning benefits. So, in short, the answer to your question is "no."