Retirement Social Security

7 Reasons You Should Consider the Social Security Do-Over (And 3 Reasons You Shouldn't)

Know your options if you believe you filed for retirement too early.

By Curt Fiers

Edited by Andrea Basse

Updated Aug. 5, 2025

What if you could hit the reset button on one of the biggest financial decisions in your life?

It might sound too good to be true, but if you recently started claiming Social Security and are having second thoughts, you might be able to get a do-over.

The Social Security Administration (SSA) allows applicants to withdraw their Social Security claim within the first 12 months of filing it. It's a legitimate option, and could mean thousands of dollars more for your overall retirement plan.

Here are seven situations where a Social Security do-over might make sense for you, and three reasons it might not.

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How much more can you earn with a Social Security do-over?

When you claim benefits early at 62, you lock in a permanent reduction of 30% of your total benefits. However, if you wait until full retirement age at 67 or even until 70, your monthly check can be significantly higher.

To emphasize just how much more you can earn, let's look at an example. Say your full benefit at full retirement age is $2,000. If you claim at 62, you'd only receive 70% of your full benefit or $1,400. If you delayed claiming until 70, you suddenly receive 124% of your benefit or $2,480 a month. Over a 20-year period, that's an extra $259,200.

It's clear a do-over is worth it if you can swing, so when should you hit the reset button?

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Do-over: You have a new source of income

Many people apply for early retirement benefits because they need income. However, there's a chance that you might start earning other income afterwards. If you start bringing in other money while receiving early retirement, you could end up seeing your benefits taxed or reduced.

Do-over: Your health improved significantly

If someone is in poor health, they might file for their Social Security benefits as soon as possible. After all, higher benefits mean nothing if someone dies before they can claim them. However, it's possible your health has improved and you're looking at a longer retirement. If your benefit was $1,400 at 62, a do-over and filing again at 67 could raise your benefit to $2,000.

That's an extra $600 a month — or $7,000 a year.

Do-over: You're getting divorced and losing spousal benefits

Many people claim Social Security benefits early based on their spouse's income. Unfortunately, a divorce can derail your long-term strategy. A Social Security do-over will let you delay and start building your own higher benefit.

If you filed at 62 for a monthly benefit of $1,750, withdrawing and re-applying at 67 increases your benefit to $2,500. Waiting until 70 would increase this by another 24% (making it $3,100).

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Do-over: Your spouse died

Losing your spouse could result in the same issues faced during divorce. While your unique circumstances will dictate whether this is the right move, withdrawing your application could pay off.

Survivor benefits and your own benefits interact in complex ways. Restarting your claim later may allow you to delay one benefit and increase the other. A financial adviser is recommended to help optimize your strategy.

Do-over: You claimed too early and now can afford to wait

It's not uncommon to rush into filing for retirement due to fear or uncertainty. Perhaps you weren't sure about your financial outlook. However, if things are now more secure, delaying your benefits could be a wise move.

Perhaps you received an inheritance, or maybe you've seen significant investment gains. Either way, a do-over can provide major benefits.

Do-over: Your financial situation improved dramatically

Maybe you sold a house. Perhaps you received an inheritance. You could've even simply paid off your debts. Whatever the reason, taking a Social Security do-over could be ideal if you no longer need the money. Someone who withdraws their application and files it later could secure hundreds of dollars in additional monthly benefits. This could equate to tens of thousands of dollars over your retirement.

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Do-over: You claimed during a market crash or panic

Unfortunately, fear-driven decisions rarely age well. Perhaps you watched your 401(k) take a hit during a market crash, or maybe you thought the political climate would cause instability. Whatever the case, it's possible that you acted too quickly.

Once things stabilize and your portfolio recovers, a Social Security do-over can help delay your benefits so you enjoy a larger monthly amount for life.

Don't take a do-over: You've already spent the money and can't pay it back

It's important to remember that a Social Security do-over isn't always the right move. This is especially true if you've already spent the money and can't pay it back. Withdrawing your claim means you have to pay back every dollar you've received. This includes taxes withheld or Medicare premiums deducted. If you received $1,800 for eight months, you'd have to pay back $14,400 just in benefits. This isn't feasible for everyone.

Don't take a do-over: You're in poor health and need the income now

If your health is deteriorating, delaying benefits may not make sense. While waiting could increase your monthly check, you may not live long enough to break even. In such cases, even a lower benefit that's currently providing financial support could be your best choice.

If you live beyond full retirement age, the additional benefit may not make up for the earlier loss of money.

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Don't take a do-over: You're close to the deadline and feeling rushed

Withdrawing your Social Security claim can only be done within 12 months of receiving your first check. If you're close to that deadline and aren't sure about what to do (or if you don't have the repayment ready), it's best to avoid hasty decisions. Like all major financial decisions, it's critical that you don't rush into this.

Bottom line

Making mistakes is a normal part of life, and rushing into any sort of financial decision can dramatically change your long-term outcome. While many people choose to start benefits as soon as possible, the Social Security do-over gives you a rare second chance to rethink that choice.

If you've already filed for retirement benefits and decided you'd rather wait, a Social Security do-over might be right for you. Just make sure you consider all the pros and cons regarding your situation. Although you don't get to choose your retirement benefits, you do get to choose your retirement age. Just make sure it's the right one.

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