Can A Single Person File Before FRA And Suspend Their Benefits After FRA?

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Jun 15 2017 - 7:17am

Can a single person file before FRA and Suspend after FRA?
I am single, age 65 and will turn 66 in May 2018. I would like to file benefits now before reaching my FRA of 66.
I believe my filing will enable me to qualify for a loan that I would not otherwise quality for. After filing (and receiving my loan), I would like to suspend my benefits. Is this option available to me? Is there a downside?

Hi,

Yes, you can file for reduced retirement benefits before full retirement age (FRA), and then suspend your benefits at FRA or later (https://www.ssa.gov/planners/retire/suspend.html). The downside of drawing reduced retirement benefits is that you will be stuck with a lower monthly benefit rate for as long as you live.

Before filing, you may want to consider running the maximization software available on this website in order to determine how your filing decision would impact your overall lifetime benefits.

Best, Jerry