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


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."