I'm Reevaluating My Retirement Plan, What Are My Options?
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Dear Rusty: I am 69 1/2 years old now and applied for Social Security at the end of June. I am still working and was planning to begin my retirement in September. A couple of factors arose for me to question if I made a hasty decision by applying for SS. The employer I have been working for the last 29 years has asked if I would stay on a little longer (which would be good because we have some debt I want to lose before I retire). I was reading about suspending Social Security and continuing to work. If I understand it right, if I suspend my SS, no payback will be required, and I can continue to work until I’m ready to retire. No Spousal benefits taken yet. Signed: Reevaluating my Retirement
Rusty’s answer in brief
Yes. Someone past full retirement age who has started benefits can suspend them until the month they turn 70, with nothing to repay, and earn delayed retirement credits for each suspended month. Because they are past full retirement age, they can also keep working with no effect on their benefits. Another option is to withdraw the application and reapply for benefits to start at 70.
Two cautions. A mid-year start before 70 includes only the credits earned through the previous December until the following January, and a spouse cannot collect spousal benefits on the worker’s record while the worker’s benefits are suspended.
This recording presents the viewpoints of the AMAC Foundation’s Social Security Advisory Staff, trained and accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). NSSA and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government. To request additional information, contact our Advisory Staff at 888-750-2622, or email us at SSAdvisor@AmacFoundation.org.