Ask Larry

Suspending Retirement Benefits

How Can I Earn Delayed Retirement Credits Until Age 70?

Hi. How can I earn delayed retirement credits until aged 70? I want to receive my widow's/survivor's benefit on my deceased husband's record ($1642.)* from now (at my FRA) until I am 70.

I reached my FRA 2 days ago, and my Disability (SSDI) Benefit from my own work record ($2494.) turned into my Retirement Benefit automatically.

I read somewhere that it is not allowed to stop or suspend Disability in order to file for another type of benefit. Why, I don't know. I'm seeking a workaround.

Thursday, February 2, 2023 - 17:36

If My Wife Suspends Her Own Benefits Now Will That Improve Her Future Spousal Amount?

My spouse was a low earner and claimed her retirement benefits at age 64 rather than waiting to full retirement age. She is now 66.5 years, so just past full retirement age. I am a relatively high earner, age 66, and will claim at age 70. I have recently learned that her decision to file early will her reduce the spousal benefit she receives when I claim at age 70. I think she will lose something like 15% of the spousal benefit. If she suspends payments now, will that improve her eventual spousal benefit, or is that decision locked in.

Saturday, January 28, 2023 - 13:30

How Do I Get Social Security To Correct Their Mistake?

Hi- this is my exact question, that you answered in 2015(first part of the question): It appears that SSA incorrectly told me that I couldn't do that. So I started getting my FRA amount in 2021(dob July 1955), and when I called , they said that couldn't be stopped.

Wednesday, January 25, 2023 - 17:11

Is Social Security Correct?

My husband filed for Social Security Benefits in early 2021. He reached FRA in 2020. He received 6 payments (Mar – Aug). We found that we did not need the money and were told by SSA that he could suspend payments since he was within the first year of applying. We were advised that this was allowed one time and that when he decided to reinstate payments, he would also be taking advantage of delayed retirement credits. In Oct 2022, he called SSA and told them he was ready to start payments again. The lady he spoke with said it would take a month or more to process.

Monday, January 9, 2023 - 10:54

Can I Suspend My Benefits Until Age 70 But Then Claim Back Pay For A Previous Year?

I have just reached full retirement age. I am a REALTOR and do not know if I will be earning much income this year if the markets continues to slow down. I was going to wait until at least 68 to start benefits, but am now thinking about starting and then possible suspending if I am still earning. Question: If I suspend until 70, but decide I need the SS income from a previous year, will they pay for a back year or more? And, if so, how will that payment effect by the increases I have earned by suspending.

thank you!

Thursday, January 5, 2023 - 15:26

Can I Suspend My Social Security Retirement Benefits Without Having To Pay Back Past SSDI Benefits?

For the past 4 years I have been receiving social security disability payments. Effective this month (Dec 2022) my account changed from disability to full retirement status. Am I able to suspend my full social security benefits in order to earn delayed retirement credits without having to pay back my past SSDI benefits?

Tuesday, December 13, 2022 - 07:46

Can I Suspend My Benefits Rather Than Withdrawing Them?

I started to draw social security in May of 2022, $1160.00 to take care of my husband. My husband then died last month, Sept of 2022, married 22 years. Instead of withdrawing my SS, having to payback SS and Medicare, can I suspend it? I was thinking that if I can suspend, rather then withdrawal mine and take it at age 70 and now draw widows payments $1310.00, at 66, full widow's retirement age, this would be the deal for me. (And if not...why?) The last I looked before drawing my SS at 70 would be $1640.00. (I also do not plan on working full time, perhaps PT in the future.)

Wednesday, October 26, 2022 - 13:03

If I Suspend My Benefits In The Year I Turn Age 70 Will I Immediately Receive An Increase When I Resume My Benefits At Age 70?

I started collecting SS at FRA (i.e. 66) in 2020. In 2024 (the year I turn 70) I'm considering Suspending for 5 or 6 months to earn some DRCs. I remember reading somewhere that age 70 is an occasion when, under the right circumstances, my PIA can be immediately recalculated to include DRCs. I *think* the "right circumstances" would be me Resuming the month I turn 70. Correct? My birth month is October so for example, I could Suspend April, Resume October (for 4% DRC boost), and immediately re-start at the higher PIA? Correct?

Tuesday, September 13, 2022 - 12:13

Am I Correct That I Can Suspend My Benefits Between FRA And Age 70 Without Repaying Any Benefits?

Larry, I read your article regarding "suspending" SS benefits after FRA, how the folks at SS often don't have a clue what it is and can only spout the rules regarding "withdrawing" which is for younger than FRA folks. They told me that even though I'm past my FRA I would have to pay back everything from my past 5 years of benefits! My question is, why doesn't SOMEONE, either SS, or in your posts on-line actually state that THERE IS NO PAYBACK REQUIREMENT when suspending benefits between FRA and age70?!

Monday, August 1, 2022 - 18:01
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.