There are two different options that allow Social Security beneficiaries to reverse their claiming decision. To be eligible, specific conditions must be met. Here is what you should know.

Withdrawal Benefits

If you are in your first year of collecting retirement benefits, you can apply to Social Security for a "withdrawal of benefits." Social Security will let you withdraw your original application for retirement benefits, but it must be within 12 months of the date you first claimed your benefits.

If you opt for a withdrawal, Social Security will treat it as if you never applied for benefits in the first place. However, opting for a withdrawal requires you to repay all the benefits received, including those of any family members who have been collecting benefits on your earnings record, such as a spouse or minor child. This requirement also includes repayment of any money that was withheld from your Social Security payments - for example, to pay your Medicare premiums.

You can only withdraw your application for Social Security benefits once, and you can apply for benefits again later when the monthly amount would be larger. To withdraw your benefits, fill out Social Security form SSA-521 (ssa.gov/forms/ssa-521.pdf) and send the completed form to your local Social Security office. If you change your mind, you have 60 days from the date Social Security approves your withdrawal to cancel the request.

Suspend Benefits

If you are not in the 12-month window or repaying your Social Security benefits is not financially feasible, there is another option to reverse benefits although you must be at full retirement age or older to be eligible.

Full retirement age is 66 and 6 months for those born in 1957, but it rises in two-month increments every birth year to age 67 for those born in 1960 and later. You can find your full retirement age at SSA.gov/benefits/retirement/planner/ageincrease.html .

At full retirement age, you can "suspend" your Social Security benefit without the need to repay benefits. Choosing to suspend will stop your monthly Social Security benefits and those of any dependent family members (except a divorced spouse).

During the suspension, you will also accrue delayed retirement credits, which will increase your monthly retirement benefit by up to two-thirds of 1% for each suspended month (or 8% for each suspended year) up until age 70.

Suspended benefits would automatically resume at 70. Alternatively, you could choose to resume Social Security benefits earlier, but you would only receive delayed retirement credits for the period when benefits were suspended.

You can request a Social Security suspension over the phone (800-722-1213), in writing or in person at your local Social Security office. The suspension would begin the month after you make the request.

If Social Security benefits are withdrawn or suspended and you are enrolled in Medicare Part B, you will start receiving a quarterly bill from Medicare for payment by mail or electronically. Normally, Medicare Part B premiums ($174.70 per month in 2024 for most beneficiaries) are deducted directly from monthly Social Security payments. You can also sign up for Medicare Easy Pay, a service which automatically deducts your premium payments from your savings or checking account each month.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

Most people do not think about practicing to maintain their balance but having good balance can be important to staying healthy. Our balance may decline if we do not stay active. Poor balance can potentially lead to falls which may cause injuries.

Every year, more than one in four people who have reached age 65 or older experience a fall. This risk increases with age. Here is what you should know about balance, along with some exercises to improve your stability.

Conditions that Affect Balance

Balance is something many people take for granted until it is impacted by a medical condition, medication or advanced age. These factors can affect a person’s balance and make an individual less stable over time.

Poor balance can also lead to a vicious cycle of inactivity. If you feel a little unsteady, you may curtail certain activities. If you are less active, you may not be challenging your balance systems or using your muscles as much. As a result, both your balance and strength may suffer. Simple activities like strolling through a grocery store or getting up from a chair become more difficult.

Balance Exercises

Some individuals have balance problems tied to illness, medication or other specific causes. If you are experiencing problems with your balance, you should always consult with your doctor before starting any new exercise program. While your healthcare provider may recommend specific therapies based on your condition, here are four simple exercises some people use to help preserve and improve balance:

• One-legged stands: Stand on one foot for 30 seconds or longer, then switch to the other foot. Stand near a wall or chair for assistance if needed. For an extra challenge, try closing your eyes or standing on a throw pillow.
• Heel-to-toe walking: Take 20 steps while looking straight ahead. Try to walk in a perfectly straight line.
• Standing up: Without using your hands, get up from a straight-backed chair and sit back down 10 to 20 times. This improves balance and leg strength.
• Tai chi: Research has shown that the practice of tai chi, which uses a combination of slow, graceful movements, meditation and deep breathing, can help improve balance and reduce the risk of falls.

For more information on different balance exercises you can do at home, there are a variety of balance and strength exercises available online, including beginner tai chi instructional videos. Additionally, some senior fitness programs offer online classes that guide you through exercises you can do at home.

Visit with a Doctor

If you have already fallen, are noticeably dizzy, unsteady or have a medical condition affecting your balance, you should consult a doctor. The doctor might refer you to a physical therapist or to an appropriate balance-training class in your community. It is important to know that many medicines and medical conditions such as Parkinson’s disease, diabetes and inner-ear disorders can affect balance.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.