Mr. Kotlikoff, when I'm over age 70, can I discontinue my social security benefits without any penalty? Thank you.

Hi. Once you've applied for benefits, the only ways to voluntarily avoid receiving payments at age 70 or later is to either withdraw your original application for benefits or to waive payment of your benefits. Withdrawing your application would require you to repay any benefits that you've already been paid, so if you don't want to repay previously received benefits then your only option would be to waive payment of your current and future benefits. If you'd like to waive payment of your benefits, you can do so by completing and submitting for SSA-149 (https://secure.ssa.gov/apps10/poms.nsf/lnx/0202409040) to Social Security.

Best, Jerry