With all the confusion around when to draw Social Security benefits, many people quickly realize that they made a mistake. A big mistake. But have no fear, there is a way to stop your Social Security benefits, but only within a certain window…
When Can You Stop Social Security Benefits?
In order to stop your Social Security benefits, it must be within the first 12 months. If you’ve already been drawing Social Security for longer than 12 months, then you’re no longer eligible.
Do I Have To Pay Back The Money?
Yes! You’re going to have to pay back the money you received. You won’t have to worry about paying any interest or penalty on that money though.
Social Security Do-Over & Medicare
Since most people have their Medicare Part B premium taken out of their Social Security payment, you may run into complications with your Medicare. Double check with Medicare to make sure that you’re up to date on your payments to avoid any lapse in your health insurance coverage.