Many strategies exist for determining the “proper” time to file for the receipt of SS benefits. Each comes with pros and cons and is only as good as the situation to which it’s applied.

Some people are blessed with longevity and/or wealth and can afford to defer benefits while others have lousy genetics and/or poor wealth accumulation so early filing may be the best option.

But what should someone do who files for benefits and realizes s/he does not need them? Two fixes exist:

a) If within 12 months of filing to receive benefits then suspension and repayment is possible. Benefits received must be repaid. Future benefits accrue as if no benefits were ever received. It’s a blank slate or “do over.”

b) If outside of the 12 month window then deferral is the strategy. Benefits received need not be repaid. Additional benefits will not be paid until the recipient re-files. During the time between deferral and re-filing benefits accrue at 8%/yr until age 70.