Can My Spouse Suspend before FRA?

Jul 13 2016 - 12:30pm

Hi, my husband took SS at 62 on June 15, 2015. approx. $1500/mo DOB 06/1953 He receives a Pension also. approx. $1500/mo. Is he eligible for suspending his SS at this time (July 11, 2016)? I am 65, but had been receiving SS Disability since 1994. approx. $900/mo with Medicare Part A & B DOB 12/1950. Can you help us reduce our income: he has to pay COBRA Health Ins at $2100/quarterly + deductible & co-pays. until he's 65. Lowering our AGI would help us under ACA Law Thanks, Rebecca

Rebecca, it's not possible to suspend receipt of a retirement benefit before full retirement age (FRA), which is 66 for your husband. At that time, he can suspend his retirement benefit until 70 to earn 8% per year Delayed Retirement Credits, which are calculated and applied monthly. At your FRA, also 66, your disability benefit will automatically convert to a standard retirement benefit, which you could also suspend until 70 to earn DRCs. Though questions about insurance and taxes are beyond the scope of the software, the software will determine how to maximize your lifetime household benefits and also let you enter alternative what-if scenarios to see what effects other filing decisions will have. Thanks, John