My mother is 69 this year (1949) and father is 65 this year (1953). My mother applied for early benefits at age 62. Since my mother is older than my father she was unable to claim spousal benefits which would have been a greater benefit than receiving benefits based on her earnings. My father plans to retire at age 66. I just learned about file and suspend - possibly a bit too late. Can my father file and suspend so that my mother can start collecting spousal benefits now? Or should they just wait to file until my father reaches full retirement age next year?
File and Suspend
So, I have filed and suspended my benefits until age 70 before the 2016 April deadline. Are you say when my spouse reaches 66 this coming April she will not be eligible for spousal benifits?
I have read your very informative book but still have one question. I am turning 66, was married less than 10 years, and have no dependents. I have the resources to delay taking my SS benefits until I turn age 70. Is there any financial or other advantage to doing that over filing and suspending at age 66? Conversely, is there an advantage or benefit conferred by filing and suspending at age 66 over filing at age 70? I understand about the effect on Medicare payments.
Let's say I am single and file and suspend for SS benefits at full retirement age. If I'm diagnosed and given three months to live at age 68.5, can I receive a lump sum benefit back to my FRA? or is the lump sum only payable back 6 months?
I am originally from Nebraska, however have lived in California for a number of years. I was born in 1949. I have estimated my monthly SS benefit to be about $2500. I have read your information online and I value your input in response to my questions.
Can I start my SS benefit now and order it stopped anytime? ...can I then start it up again at anytime? What if creditors have tapped into my benefits?....can I still stop it and start again at anytime?
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.
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.
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?
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?