Hi
I am 64 and single. I am self employed and struggling. If I take my social security now can I suspend it when I start making money?
Thank you!

Hi,

If you start drawing reduced benefits prior to your full retirement age (FRA), you can't voluntarily suspend your benefits until you reach FRA. Your benefits could be involuntarily suspended, though, if you return to work prior to FRA and earn more than the Social Security earnings test exempt amount (https://www.ssa.gov/planners/retire/whileworking.html).

Basically, Social Security would need to withhold $1 of benefits for each $2 or $3 that you earn in excess of the exempt amount, which could cause your benefit payments to be suspended for part of a year or the entire year depending on how much you earn. And, if any of your benefits are withheld prior to FRA, your benefit rate could be recalculated effective at FRA to remove some or all of the reduction that was applied to your benefit rate for starting to draw early. Then, starting at FRA you could voluntarily suspend your benefits in order to grow your benefit rate by 8% per year until age 70.

Before deciding when to file, you should strongly consider using our maximization software. The software will allow you to compare all of your various options, and would tell you how your benefits would be affected if you started drawing benefits early and then returned to work prior to FRA.

Best, Jerry