5 Things Retirees Need to Know About Social Security and Taxes

This article takes a look at 5 things retirees need to know about social security and taxes. If you wish to check out our detailed analysis of insights on social security benefits and taxes, you may go to 12 Things Retirees Need to Know About Social Security and Taxes.

5. You Can Reverse a Benefits Claim

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For those who decided to claim their Social Security benefits and then realized that they should have waited instead, the Social Security Administration allows for a one-time do-over. To initiate a withdrawal of Social Security retirement benefits, individuals must submit their request within the initial 12 months of commencing benefits, regardless of the age at which they began receiving them (which can be as early as age 62). However, all social security benefits received previously must be repaid in their entirety.