File and Suspend

I did File and Suspend before Apr 2016 (turned 66 in Sep 2015). My plan was to not take SS until I turned 70 (I have a military pension). Unfortunately for me, I now have cancer with a very low 10 year survival rate. I called our local SS office and asked how much my lump sum payment would be and was told that this payment option stopped. I thought that when I signed up for F & S before Apr 16 that this would still be there.

Hi,

I'm sorry to hear about your prognosis.

I recently saw this statement in a presentation on social security.

If you turned age 62 prior to 2016, you still have the ability to file a
Restricted Application, which allows you to claim a spousal benefit first,
while your individual benefit earns delayed credits.

I wanted to know more about the restricted application for social security.

Larry i was told at ssn that i do not have to apply for ss at full retirement age,then suspend . then pick it up at age 70 and get 32% more than at age 66. the social security office said just keep working, and at age 70 draw your full amount +32%for waiting until age 70. is this info correct? i want to get the most out of social security because i am a retired federal worker. as you know they take some of my ss. away from me, so i would all i can get.

thanks Larry for any info on this matter.

Hi,

I have been reading through the "Ask Larry" entries and have two questions that I haven't yet encountered answers to. First: It is apparent that for my wife to collect survivor's benefits I need to have filed for benefits. I am now 66 and will continue to work full-time in a high-income job through the age of 70. Do I need to "file and suspend" at this time? Second: If I continue to work (same high-income job) past the age of 70, how will my social security payments be affected?

Hi,

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,

Hi Larry,
Have 2015 copy of "Get..." but now I see "file and suspend" is history...? Is that true even for single people like me ? - it seems they nixed it due to a loophole involving spousal benefits.
Thanks,
-Paul

Hi Paul,

Thank you so much Jerry. I am very grateful for your help. Can I just ask one more question about my situation? Is Social Security correct that, because I filed and suspended my benefit 1/14/2016, I am not eligible for Survivor Benefits while I wait until 70 to take my own benefit? I was surprised to learn this (there was no mention of it when we met with a representative to initiate File and Suspend) and had seen nothing about it in discussions of the file and suspend strategy.

My original question and your response are below. Many thanks again.

Debbie

This is about receiving survivor (widow) benefits after doing File and Suspend.
The facts:

I will be turning FRA (66) in August 2017. My long-time, trusted CPA/Financial Planner recommended to file and suspend until age 70. Last year, I learned about the Bipartisan Act of 2015 and found out that I was a few months "too young" to apply for the file and suspend benefit that expired in April 2016. When I called Social Security three weeks ago, I was informed that I did not qualify for the file and suspend option because I am single and without children. In all the research I did a year ago, I did not read about this exception.

The more research we do the more confused we become on filing for SS. The financial advisers seem to be unclear or avoid the direct question I want to ask. But here goes. I am 66 and my wife is 65, can I still go to SS offices, file and suspend, and can my wife go the the SS offices and file for spousal benefits? She has worked all her life, but her benefits will be less than mine, so the plan is for me to wait until 70 so she can draw more social security benefits when I pass. Thank you for looking into the matter.