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!
15 comments
Join the conversation
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!
0 coins
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?
0 coins
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??
0 coins
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).
0 coins
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
0 coins
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.
0 coins
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
0 coins
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.
0 coins
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.
0 coins
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
0 coins
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).
0 coins
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.
0 coins
Astrid Bergström
my friend tried to do this and they told him he had to PAY BACK EVERYTHING HE GOT SO FAR!!!! be careful!!!
0 coins
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.
0 coins
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!
0 coins