I reached FRA of 66 just yesterday, 9/6/19. I filed a few months early though in March 2019 and got my first check in April. I now want to suspend my benefits without repaying what I’ve received thus far. I called SS back in July and was told to wait until I turned 66 and I would be eligible then. How ever, when I called yesterday I was told I’d have to withdraw and pay back the monies. That’s 2 different stories. Which is correct? I can’t afford to pay back.

Hi,

You can voluntarily suspend your benefits between full retirement age (FRA) and age 70 without having to repay any benefits that you previously received, but the earliest that you can suspend your benefits is the month after the month you request suspension (https://secure.ssa.gov/apps10/poms.nsf/lnx/0202409110). So, if you request suspension any time in September, then October 2019 would be the earliest month that you could choose to suspend your benefits. If you would rather have suspended your benefits effective with September 2019, then Social Security should have allowed you to make that request when you contacted them in July 2019. A written request is not required for voluntary suspension, so if you can document your earlier contact with Social Security they may be willing to allow you to suspend your benefits starting with September 2019.

To clarify, even if you suspend your benefits you will still retain a reduction in your benefit rate for the months that you drew benefits prior to FRA. The only way that you could undue that reduction would be if you withdrew your application and repaid the benefits you've received. Even if you don't withdraw, though, you can still accrue delayed retirement credits (DRC) for any months that you do voluntarily suspend your benefits between now and age 70, and those DRCs would raise your benefit rate by 2/3rds of 1% for each month that your benefits are suspended.

You may want to consider using our software (https://maximizemysocialsecurity.com/purchase) to compare your options and determine your best strategy.

Best, Jerry