Hi Larry, I understand I can file for social security at 62, then suspend it at FRA without paying back the amount I collected between 62 - 67 and then restart it any time between 67 - 70 and still collect the higher amount at 70 if I restart at 70 . This claim, suspend and restarts acts as if I had delayed collecting social security at 70. Besides collecting the lower amount from 62-67, and losing 3 years of payments while my benefit is suspended,, is there any other downside I should consider using the claim, suspend and restart strategy? Thanks!

Hello Larry,
I'm 64 and considering filing for reduced benefits now. If I do this, would I be able to use the stop, restart strategy down the road in order to collect full benefits at FRA?
Thanks,
C.J

Hi CJ,

Start Stop and Start Strategy: I am single turning 66 in 2020. I am full time employed earning 75,000 a year gross. I have 18,000 worth of credit card debt. Every month I pay close to $800 in Visa payments and can't seem to get ahead. I was unemployed for awhile and thus the huge credit card debt. I plan to work until 70. 1) Does it make sense to start claiming my social security payments to pay of the debt? Once paid, I would like to stop/suspend my social security benefits until I am 70 to let them grow with delayed retirement credits.

I love your new book; I even bought the sister book regarding Medicare. One question: I started collecting social security at 63 y/o, now 66 y/o. Due to changes in family income, I would like to stop receiving social security now and implement the "start, stop, start" strategy you discuss on p. 168. I can't find what forms to fill out or how to proceed. Any guidance would be appreciated. Thank you very much.

Hi,

I am single, will be 66 in January 2017 and was born in 1951. Could I file for Social security benefits at my FRA benefit level, draw them for about a year and then stop/suspend them from age 67 to 70 and let them grow with delayed retirement credits? I would keep working 66 to 70 and the money from the year of benefits would allow me to pay off about $12,000 in credit card debt, some of which is at 6.7%/year and some at about 7.7% per year.

I am 66. My wife is 63. If she applies for reduced benefits (for which I will receive spouse benefit), then suspends from age 66 till age 70, will her benefit with delayed retirement credits be based on her full FRA benefit or her early reduced benefit?

Hi,

This is what we refer to as the start-stop-start strategy. Basically, your wife would keep the reduction she takes for starting prior to full retirement age (FRA), and the delayed retirement credits (DRC) would be calculated based on her reduced benefit amount.