The form should be used if, within 12 months of beginning to receive your Social Security retirement benefits, you change your mind and wish to withdraw your application. However, there are a few factors that you should consider before you make the decision.
You are legally required to repay any benefits that you received already. If you withdraw your application, any decision made regarding that application is considered void. From there, all payments made based on the decision are also voided and must be returned.
Repayments of benefits include:
Retirement benefits you received because of your application
Benefits received by your children or your spouse because of your application, regardless of whether they live with you or not
Any money that has been withheld from the checks including voluntary tax withholding, Medicare premiums, and garnishments
If there are other parties who receive benefits because of your application, they will be required to give written consent to your application withdrawal.
If you’re a person who is entitled to Medicare benefits, you can choose to withdraw this coverage. However, it isn’t a requirement. Additionally, if you have any entitlement to veteran’s or railroad benefits, you should get in contact with the respective organizations to find out how your application withdrawal will affect these benefits. The Department of Veterans Affairs and Railroad Retirement Board both make their own decisions that are not affected by SSA rulings.
If you’ve reached full retirement age, you won’t be able to withdraw your application. However, if you haven’t yet reached the age of 70, you can ask the SSA to suspend your benefit payments.