Hi Larry- I turn 64 in November. My children will be in 8th and 9th grade. I would like to retire on September 1st, 2018. Between SS for me, 2 kids and a pension I will have enough money o stop working. However, if I were to work during the 2020 calendar year would I be able to suspend my benefits? Thank you.

Hi,

You couldn't voluntarily suspend your benefits until you reach full retirement age (FRA), but if you return to work and earn more than the Social Security earnings test exempt amount then your benefits would effectively be involuntarily suspended for as long as it takes to withhold $1 of benefits for each $2 or $3 that your earnings exceed the applicable limit for that year (https://www.ssa.gov/planners/retire/whileworking.html). And in that case, Social Security would suspend not only your benefits but also your children's benefits for as long as it takes to recover the necessary amount. Since you will reach FRA in 2020, though, Social Security would only count your earnings in the months prior to the month you reach FRA, and the higher exempt amount and the $1 for $3 withholding rate would apply to you that year.

Our maximization software is fully programmed to handle cases involving child benefits and the earnings test, so you may want to strongly consider using it to do your Social Security planning.

Best, Jerry