Social Security offers more than just retirement benefits

By Allison Schaefers

POSTED: 01:30 a.m. HST, Mar 11, 2012

~~<p>Question: I filed for Social Security early (62) but need to go back to work at least part time because I don’t think that I will have enough income for the long haul. What are the repercussions of going back to work full time or part time, and given my decision, how can I best preserve my Social Security benefits?</p>
<p>Answer: If you filed less than a year ago and you have savings available to pay Social Security back for the benefits you have received, you might consider ‘canceling’ your claim as you go back to work. This would ‘reset’ your benefit amount as if you did not take the early, discounted amount. On the other hand, if it has been more than a year since you began receiving benefits, you no longer have the option to “pay it back.”</p>
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Question: I filed for Social Security early (62) but need to go back to work at least part time because I don’t think that I will have enough income for the long haul. What are the repercussions of going back to work full time or part time, and given my decision, how can I best preserve my Social Security benefits?

Answer: If you filed less than a year ago and you have savings available to pay Social Security back for the benefits you have received, you might consider ‘canceling’ your claim as you go back to work. This would ‘reset’ your benefit amount as if you did not take the early, discounted amount. On the other hand, if it has been more than a year since you began receiving benefits, you no longer have the option to “pay it back.” Login for more...