Did you know that you can change your mind about collecting social security even if you have already started.

There are two main scenarios that are available from the Social Security Administration.

1) Withdraw your application and re-apply at a future date.

If you have not reached full retirement age and you are within 12 months of when your benefits started, you can submit the Social Security Form SSA-521 explaining why you want to withdraw your application. Keep in mind, if your request is approved you will be required to pay back all the benefits you and your family received to that point. Be aware that you are limited to one withdrawal per lifetime.

2) Suspend our retirement benefit payments.

If you have reached full retirement age, but are not yet age 70, you can request to have your retirement benefit payments suspended. This will allow the benefits to accumulate 8% annual delayed credits, albeit on the reduced amount. This type of request does not require an official form – you can make it orally or in writing. Carefully consider some rules the SSA outlines as well, made effective in 2016.

It is important that you consult with your financial advisor before making these types of decisions to be sure that you understand all the ramifications of your financial choices. You can read more about these options on the Social Security Administration website at ssa.gov.