Hello Larry I am just over 62 1/2 years old and eligible for SS.
I was working full time but was furloughed due to Covid-19 social distancing rules. I will return to my full time job when this horrible plague changes the social distancing regulations.
I am eligible for unemployment and will also receive the care act funds.

My question's are can I temporally file for social security during this down time and then stop the payments after resuming my full time job? Is there any downside to this thinking?

Hi,

You could file for reduced Social Security benefits and be paid at least for any months that you earn less than $1,520 this year, but you couldn't then voluntarily suspend your benefits until you reach full retirement age (FRA). However, your benefits could be stopped involuntarily due to Social Security's earnings test if you return to work and earn too much to be paid benefits (https://www.ssa.gov/planners/retire/whileworking.html).

The downside of filing for benefits now would be that your monthly benefit rate would then be permanently reduced based on the number of months that you receive benefits prior to FRA. And, that lowered rate could carry over to the survivor rate that your spouse could be paid if you're married and you die before your spouse. Also, once you file for your own benefits that becomes your primary benefit for life, which if you're widowed could prevent you from drawing survivor benefits while allowing your own benefit rate to grow.

That said, I'm not suggesting that you shouldn't file for benefits now. Only you can decide what's best for you in these uncertain times. You may first want to consider using our software (https://maximizemysocialsecurity.com/purchase) to fully explore and compare your options before making a decision on when to file for your benefits.

Best, Jerry