Ask questions via Twitter. Tweet any question to @AskFiLife and we will respond with an answer. More.

FiLife - In partnership with The Wall Street Journal

Your Financial LifelineTM

In partnership with The Wall Street Journal
 
 

Disclaimer

FiLife is a great place to get your finances in shape, and the expert advice in the community can help you address specific or general problems. But very often you’ll also need one-on-one advice from a professional, especially since rules and laws maybe specific to your state or country. Remember that investments and other financial transactions come with risk, and you should consult an independent, qualified professional before making financial commitments.

Stop Showing this Message

Question

hahnsh
Newcomer

hahnsh asked 12 months ago in Financial Planning

Paying back some of social security

I started collecting ss at age 65 + 4 months but continued working. Next year I'll be 70. In retrospect, I should have just collected half of my husband's SS, then filed at 70 for mine. Can I pay back just the amount that is higher than half of my husband's rather than every cent I've collected for the past four plus years?

Was this question interesting?

Yes

(0)

No

(0)

Permalink | Abuse

FiLife Recommends

Answer this Question
  • Share:
  •  

1 Answer

Sort by:
Michael Kitces
FiLife Contributor
Reply

Hahnsh,
You certainly have the option of paying back your full Social Security benefits received since age 65 + 4 months, and re-electing Social Security at age 70 (with the increased benefit that would be eligible to you at age 70).

However, I'm not aware of any provisions that would allow you to pay back "only" the difference between your personal benefit and what your spousal benefit would have been - since that would effectively mean that Social Security would be allowing you to retroactively claim a spousal benefit that you hadn't elected at the time.

So you can move forward with your payback and reapplication of Social Security if you wish, but as far as I know your only choice will be to pay back the full amount of benefits received.

I hope that helps a little!

Is this helpful?

Yes

(0)

No

(0)

Permalink | Abuse

Answer this Question

Generic User Image

Ask a Question

140 characters

Tips

  • Be specific and clear.
  • Be courteous and thoughtful.
  • Share some details about your situation (age, relationship, etc)

Login or Join

or login with

Ask a Question

140 characters

Expert Partners

Stacker Poll of the Day

What age should you start your child's allowance?

Avg 8.5
 
Avg 8.5
 
248 responses