With Social Security, you get 1 chance to change your mind

Q: I was born in 1953. I have taken benefits at 62.  I have put it in a savings account and heard that I might be able to turn back all that money and get the higher amount when I turn 66?   – Lynn Lozon, Detroit

A: You’re referring to the ability to “withdraw” your Social Security claim, says Andy Landis, author of Social Security: The Inside Story. It’s described in detail at Retirement Planner: If You Change Your Mind, www.ssa.gov/planners/retire/withdrawal.html.

“Basically, you file a form to withdraw your claim and repay any benefits received; then it’s like you never filed,” says Landis.  “It’s available once per lifetime.  You can do it in the first 12 months of payments. And if that applies to you, contact the Social Security Administration to withdraw your claim.”

Q: My wife and I both delayed drawing Social Security retirement until age 68. We are both the same age. Her Social Security benefit is half of mine. If I die will she get both her benefit and mine? — Pat Bradley, Spokane, Wash.

A: Based on the information provided, your widow can receive a Social Security survivors benefit equal to what you were receiving at the time of your passing, says William “BJ” Jarrett, a public affairs specialist with the Social Security Administration in Baltimore.

She will not, however, receive both benefit payments — the survivors benefit and her own current benefit.   For more, read Survivors Planner: Protection You And Your Family Can Count On at www.ssa.gov/planners/survivors/#&sb=2

Robert Powell is editor of Retirement Weekly, contributes regularly to Paste BN, The Wall Street Journal and MarketWatch. Got questions about money? Email  rpowell@allthingsretirement.com .