Yes, mechanically speaking. If you are receiving Social Security benefits, the federal government automatically deducts your Medicare Part B premiums directly from your monthly payment before the funds are deposited into your bank account. While your gross benefit remains the same, your net cash flow will be lower.

Yes, but you have a very narrow window. You can withdraw your application within 12 months of first claiming benefits. However, you are limited to one withdrawal per lifetime, and you must repay every dollar you (and your spouse, if claiming on your record) received during that time. Once repaid, your record resets as if you never claimed.

Social Security includes an annual Cost-of-Living Adjustment (COLA) tied to the Consumer Price Index. When inflation rises, your benefit amount increases the following January. Delaying your claim to secure a higher base benefit is especially powerful because all future COLAs will be applied to that larger baseline number.

No, you do not need to quit your job to receive benefits. If you have reached your Full Retirement Age, you can earn an unlimited amount of money while collecting your full check. If you claim before FRA, your benefits will be temporarily reduced by the Retirement Earnings Test if your income exceeds the annual threshold.