Can I File For Benefits Early And Still Earn Delayed Retirement Credits Later?

May 2 2018 - 2:25pm

I'm 62 and 10 months old. If I opt to take SSA RI benefits now because I cannot find work in my area, can I then voluntarily suspend benefits at FRA (66 and 2 mos.) and earn delayed retirement credits until I reach age 70? As a tangential question, if SSA has not yet correctly computed my w-2 wages for 2017 (they have me earning $5,580 when I actually earned $57,000), if they correct that upwards by September 2018, will SSA adjust my monthly benefit to reflect that? Thanks.

Hi,

Yes, you could file for reduced benefits now and later receive delayed retirement credits if you suspend your benefits between your full retirement age and age 70. You may first want to use our maximization software to compare your options and determine your best strategy.

And yes, if Social Security calculates your benefit rate using the wrong earnings amount for 2017 your rate could be recalculated using the correct amount of earnings. The recalculation would be retroactive in that event for benefits payable for the year 2018.

Best, Jerry