How to Suspend Your Social Security Benefits and Why You Want It

You can start collecting Social Security benefits as early as age 62, but you’ll receive a smaller check than you expected until age 67, the “full retirement age.” If you wait until you’re 70 before collecting benefits, you’ll get the maximum monthly payment—but that’s easier said than done.

There may be many ways to decide when to start collecting your benefits. If you don’t have enough savings or haven’t set aside enough in your 401(k) to allow you to file for Social Security, you may need to start collecting benefits sooner than you’d prefer.

So what happens if you get a job or receive an inheritance after you start collecting and you don’t need to rely on your Social Security benefits? Good news: You can request to temporarily suspend them; this will result in a larger monthly checkout when you decide to continue it later.

Below, we’ll walk you through how to voluntarily suspend your benefits and what you should consider before choosing to do so. Don’t miss for more How to apply for SSI benefits And Social Security and SSDI cheat sheet.

Who can suspend Social Security benefits?

If you think you want to pause your payments, know that not everyone who receives Social Security benefits has the right to suspend those payments. To qualify, you must be at least the full retirement age of 67. Therefore, if you decide to retire early and collect your benefits at age 62, you will not have the right to suspend your benefits until you reach your full retirement age. one exception: If you are under full retirement age and have only been receiving benefits for less than a year, you can submit a formal request to: withdraw your aid application.

How can you suspend your Social Security benefits?

If you are eligible suspend your benefitsSending a request is easy. No forms to fill out or additional hoops to jump through. You can request a suspension by phone, in person at a local Social Security office, or in writing.

Once the agency receives your request, the suspension of your benefits will be effective for the next month unless you re-apply for benefits and your application is still pending.

The suspension will automatically end when you request to resume benefits or one month before you turn 70, whichever is earlier.

In some cases, the Social Security Administration will accept advanced requests for voluntary suspensions, but they cannot begin until:

• The month following the month in which the request was made.
• Your full retirement age.

The month in which you are eligible for benefits (for initial claims only).

Are there any drawbacks to suspending your Social Security benefits?

While the ability to suspend your benefits is designed to help you get a larger monthly payment later, there are also some potential drawbacks depending on your situation and who else might benefit from your account.

• If you have other people on your record receiving benefits, those benefits will also be suspended, except for a divorced spouse who will continue to receive benefits.
• If you receive benefits registered with someone else, that benefit will also be suspended.
• If you get it too Supplemental Security IncomeYou will not be eligible to receive these benefits until you restart your Social Security benefits.

Suspension of your benefits when you have Medicare Part B

If you are enrolled in a Medicare Part B plan (supplemental health insurance) and you suspend your benefits, the Centers for Medicare and Medicaid Services will begin billing you directly. Your plan’s premiums cannot be deducted from your, your spouse’s, or your ex-spouse’s suspended benefits.

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