Can I suspend Social Security retirement benefits after starting at FRA without penalties or repayment?
I reached my full retirement age (67) three months ago and started collecting Social Security benefits right away. I'm still working full-time at my accounting firm and honestly, I'm now second-guessing my decision. My monthly benefit is about $3,450, but between my salary and some other investments, I really don't need this money right now. I've only received three payments so far. Is it possible to voluntarily suspend my Social Security benefits at this point? Would I face any penalties for doing this? And most importantly, would I need to pay back the three payments I've already received? I'm thinking it might make more sense to let my benefit amount grow for a few more years since I'm still working anyway. Any advice would be greatly appreciated!
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Emma Johnson
Yes, you absolutely can suspend your benefits since you're already at your FRA! This is called a voluntary suspension. You won't have to pay back what you've already received, and your benefits will earn delayed retirement credits (8% per year) until age 70. Just call SSA or go online to your mySocialSecurity account and request the suspension. Your benefits will automatically restart at age 70 if you don't request them earlier. It's a great strategy if you don't need the money now!
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Leila Haddad
•That's such a relief! Do you know if the suspension takes effect immediately, or is there usually a delay in processing these requests?
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Ravi Patel
Wait actually ive been wondering this EXACT same thing!!! Im 68 and started taking SS last year and regret it now. didnt realize i could still change my mind after starting??? is there a form we need to fill out or something??
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Emma Johnson
•No special form needed. You can request suspension by phone, in person at your local SSA office, or by writing to SSA. Just be very clear you're requesting a voluntary suspension of benefits. The key is you must be at or past your FRA to do this (which you are at 68).
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Astrid Bergström
I did this last year! Called and suspended after taking benefits for about 6 months. Was planning to wait until 70 but needed some cash for a new roof so started them again after 8 months. No problems at all just gotta make the call
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PixelPrincess
•Just want to add a clarification here - when you suspend and then restart before 70, you don't get a full reset to what your age 70 benefit would have been. Instead, you get your original benefit amount plus whatever delayed retirement credits you earned during the suspension period. It's still advantageous, but works a bit differently than just waiting from the beginning.
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Omar Farouk
Congrats on reaching FRA (whatever that is). I retired at 62 and just took my SS then cause why wait? Never understood why anyone would delay getting their own money back from the government lol
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Chloe Martin
•FRA stands for Full Retirement Age - it's either 66, 67, or somewhere in between depending on your birth year. The reason some people wait is that your benefit amount permanently increases by 8% for each year you delay past FRA up to age 70. That's a guaranteed 24% increase if you delay from 67 to 70, which no investment can guarantee. But everyone's situation is different - taking early benefits was probably the right choice for your circumstances.
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Diego Fernández
Calling the SSA to suspend your benefits can be incredibly frustrating. I spent THREE DAYS trying to get through last month for a similar issue. After multiple disconnects and waiting over 2 hours each time, I found a service called Claimyr (claimyr.com) that got me connected to an agent in under 15 minutes. They have a video showing how it works: https://youtu.be/Z-BRbJw3puU - totally worth it for saving your sanity when dealing with the SSA phone system.
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Ravi Patel
•omg thank you!!! i was on hold for an hour and a half yesterday and then they closed for the day! this sounds like exactly what i need
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PixelPrincess
One important point to keep in mind: During your suspension period, you won't be eligible for Medicare Part B and Part D premium deductions from your Social Security payment (since there won't be any payment). You'll need to make separate arrangements to pay those premiums directly. Also, if you provide benefits to any family members (like a spouse), their benefits based on your record will be suspended too (except for divorced spouses).
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Leila Haddad
•I hadn't even considered the Medicare premium aspect. Thank you for pointing that out! I'll make sure to set up direct payments for those premiums.
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Astrid Bergström
my friend tried to do this and they told him he had to PAY BACK EVERYTHING HE GOT SO FAR!!!! be careful!!!
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Chloe Martin
•Your friend might have been trying to withdraw his application, not suspend benefits. There are two different processes: 1. Withdrawal of application: Must be done within 12 months of starting benefits, requires repaying all benefits received, and essentially resets as if you never filed. 2. Voluntary suspension: Can be done at or after FRA, doesn't require repayment, and allows you to earn delayed retirement credits going forward. These get confused all the time, but OP is clearly asking about suspension, which does NOT require paying anything back.
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Leila Haddad
Thanks everyone for the helpful information! I've decided to go ahead with suspending my benefits. I'll be calling SSA tomorrow morning (or trying that Claimyr service if I can't get through). It makes sense to let my benefit amount grow since I'm still working full-time. I appreciate all the advice about Medicare premiums and the clarification on not having to repay what I've already received. This community is amazing!
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Axel Bourke
•That sounds like a smart decision, Leila! Just a quick tip - if you do end up using Claimyr, make sure you have all your information ready beforehand (SSN, Medicare number if applicable, etc.) to make the process smoother. And don't forget to ask the SSA representative for a confirmation number or written confirmation of your suspension request for your records. Good luck with the call tomorrow!
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Omar Hassan
Great decision to suspend, Leila! One more thing to consider - since you're still working full-time at your accounting firm, make sure you understand how the earnings test might have affected your current benefits if your income is high. Even though you're at FRA and the earnings test no longer applies going forward, any benefits that were withheld due to excess earnings in the months before you reached FRA would be recalculated and added back to your benefit amount when you restart. This could make your eventual age 70 benefit even higher than the standard 8% per year delayed retirement credits. Just something to keep in mind when you're doing the math on your decision!
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Connor O'Reilly
•That's a really good point about the earnings test recalculation that I hadn't thought of! Since Leila mentioned she's been working full-time at her accounting firm, there's a decent chance her income might have triggered some benefit withholding before she hit FRA. Those withheld amounts getting added back could definitely boost her final benefit amount beyond just the delayed retirement credits. It's worth asking SSA about this when she calls to suspend - they should be able to tell her if any previous withholding occurred and how it might affect her future benefits.
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CosmicCaptain
Just wanted to share my recent experience with this process! I suspended my benefits about 6 months ago after starting them at FRA. The whole process was surprisingly straightforward once I got through to SSA. I called early in the morning (around 8:15 AM) and only waited about 20 minutes. The representative was very knowledgeable and confirmed that I wouldn't need to repay anything I'd already received. She also set up automatic payments for my Medicare premiums since those would no longer be deducted from my Social Security payments. The suspension went into effect the month after I requested it, so there's typically about a 30-day processing period. One tip: ask for an email confirmation if possible, or at least get the representative's name and a reference number for your records. It's nice having that peace of mind!
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