Can I suspend early Social Security benefits when returning to work and get higher payments later?

Wait, I'm confused. I'm only 62 and 8 months right now, not at FRA yet. Does that change things? Can I still suspend my benefits before reaching full retirement age?

Thank you for clarifying! So if my new job pays $85,000, SSA will basically stop my payments automatically? And then I'll get some kind of increase later? Do I need to notify them about my new job or does this happen through tax reporting?

omg this happened to my uncle too...they came after him for like $22k...he didnt even know he was supposed to report his income, thought it was automatic through taxes

I had no idea about the withdrawal option! I've received about $14,800 in benefits so far. If I withdrew now and reapplied at 66, would my monthly amount be significantly higher? Is there a calculator somewhere to figure out if this makes financial sense?

I had the same issue trying to report my earnings! Finally used Claimyr (claimyr.com) to get through - they connect you directly to an SSA agent without the wait. Totally worth it for me when I needed to update my earnings estimate. They have a video showing how it works: https://youtu.be/Z-BRbJw3puU. Got connected to an agent in under 20 minutes when I had been trying for days on my own.

That's a significant increase! Was that just from the automatic recalculation at FRA, or did she do something special to get that bump?

No worries! I'm learning a lot from everyone here. So it seems like I have two options: 1) Keep my filing as is, have benefits withheld due to earnings, and get a recalculation at FRA, or 2) Withdraw my application entirely, pay back what I've received, and file again later. I need to figure out which makes more financial sense.

I WISH someone had explained it this clearly to me!!! The SSA's own people couldn't even break it down like this when I called them!!!

Thank you for mentioning this! I honestly hadn't even thought about the Medicare angle. I'll definitely need to look into that as well since I turn 65 next year.

Thanks so much for sharing your similar experience, Freya! It's really helpful to hear from someone going through the exact same situation. The 8-9 year breakeven point you calculated sounds similar to what I'm seeing in my rough estimates. I'm definitely leaning more toward the withdrawal option after reading everyone's advice here. The idea of a clean slate and higher monthly payments down the road seems to outweigh the hassle of paying back the $14,800 upfront. I'll definitely check out those detailed SSA calculators you mentioned - I think I was only looking at the basic ones. And thanks for the tip about Claimyr! I was dreading trying to get through to SSA, but if it really works that well it'll be worth it. Did you end up going with the withdrawal option for your situation?

Bruno, I actually just filed the SSA-521 form last week! It was a tough decision financially - having to come up with $18k upfront definitely hurt - but I'm confident it's the right long-term move. My situation is almost identical to Ben's - the new job pays well enough that I'd be losing most of my SS benefits to the earnings test anyway, so why not just hit the reset button and get the higher payments later? The hardest part was actually getting accurate projections from SSA about what my benefit would be at different claiming ages. The online calculators help, but they don't account for all the nuances. I ended up paying for a consultation with a fee-only financial advisor who specializes in SS optimization - cost me $300 but was totally worth it for the peace of mind on such a big decision. One thing to keep in mind - if you do go the withdrawal route, you have to stop receiving benefits immediately, so make sure your first paycheck from the new job lines up timing-wise. I had about a 3-week gap that I had to plan for. But honestly, after dealing with all the earnings reporting complications with my previous job, the simplicity of just being "out" of the SS system while working is really appealing!

I'm still in the decision-making process actually! My 12-month deadline isn't until June, so I have a bit more time than you do. But after running the numbers and reading all the advice here, I'm about 90% sure I'll go with withdrawal. The main thing holding me back is that lump sum payment - $18k is a lot to come up with all at once, even though I know it makes sense long-term. One thing my financial advisor pointed out that might apply to your situation too - if you do the withdrawal, make sure you factor in what you could earn by investing that monthly Social Security payment difference for the next few years. Like, if waiting gets you an extra $400/month at 66, that's $4,800/year you could be investing instead of spending. The compound growth potential adds another layer to the calculation. Have you thought about whether you'll keep working past 67, or is this just a temporary return to work? That timeline definitely affects which option makes more sense.

Yes, I did end up filing the SSA-521 withdrawal form! It was actually easier than I expected - just had to fill out the form, pay back the benefits (they gave me a few payment options), and then it was like I never filed in the first place. The hardest part was coming up with the lump sum, but I figured it was better than dealing with the earnings test headaches for the next few years. Now I can focus on work without worrying about overpayments or annual reporting. Planning to refile when I'm closer to my FRA. One tip - when you call to report your situation, ask them to walk you through both options with actual dollar amounts. They have access to your full earnings record and can give you more precise estimates than the online calculators. Good luck with your decision!

Yes, I did end up filing the SSA-521 withdrawal form! It took about 6 weeks to process, and I had to pay back the full amount in one lump sum, but honestly the peace of mind was worth it. No more worrying about earnings limits or overpayment notices while I'm working. One tip - when you call SSA to start the withdrawal process, ask them to mail you the form rather than trying to handle it all over the phone. The form has some important details about tax implications and timelines that you'll want to review carefully. Also make sure you have your exact benefit amounts handy when you call - they'll want to know the total you've received to date. The hardest part for me was actually coming up with the lump sum payment, but I just treated it like a forced savings that will pay dividends later. Now I can focus on my new job without the SSA complications hanging over me. Planning to refile at 67 for the maximum benefit amount. Good luck with your decision!

Yes, I did end up filing the withdrawal form (SSA-521) about two weeks ago! The process was actually smoother than I expected - once I got through to SSA using Claimyr, the representative was really helpful and walked me through exactly what I needed to do. They sent me the form and I had to provide documentation of my repayment ability, but it wasn't too complicated. The hardest part was coming up with the $18k to pay back, but I figured it was like making an investment in my future monthly income. I'm actually feeling pretty good about the decision now, especially knowing that my higher earnings will improve my benefit calculation when I do refile. One tip - make sure you keep really good records of the repayment for tax purposes. The SSA rep mentioned I might be able to claim a deduction for taxes I already paid on those benefits. Good luck with your decision!

Bruno, I haven't made my final decision yet, but I'm about 90% sure I'm going with withdrawal after running all the numbers. The math just makes too much sense when you factor in the higher monthly payments for the rest of my life. Plus, honestly, the thought of dealing with annual earnings reporting and potential overpayment headaches for the next several years sounds exhausting. I'd rather just pay back the lump sum now and be done with it. The only thing giving me pause is tying up that $18k, but my new job salary should cover it without too much strain. Are you leaning the same direction? Also, definitely try Claimyr - I was skeptical at first but it really did work exactly as advertised. Way better than sitting on hold for hours!

Bruno, I haven't made my final decision yet, but I'm about 90% leaning toward the withdrawal option after running the numbers. The math just seems to work out better for our situation, especially since we're both still relatively young and likely have 20+ years ahead of us to collect the higher benefits. One thing that really sealed it for me was realizing that with the earnings test route, I'd still have to deal with annual reporting and potential overpayment issues every year I work - and that's assuming my income stays consistent. With withdrawal, it's one upfront payment and then I'm done with SS complications until I'm ready to file again. I actually did end up using Claimyr last week to report my potential earnings (even though I haven't started the new job yet), and the SSA agent was super helpful in explaining both options. She even walked me through some rough calculations over the phone. Definitely worth the small fee to avoid the hold time nightmare! Are you planning to make your decision soon? I know we both have that 12-month deadline looming.