Taking Social Security at 62 for child benefits then suspending at FRA - will I get back to 80% of benefits?

You've got a good strategy going, but there are some important details to understand. When you take benefits at 62, you lock in that reduction permanently (about 30% less than your FRA amount). Suspending at 67 won't erase that early filing reduction, but you WILL earn delayed retirement credits of 8% per year for each year you suspend between 67-70. So if you take benefits at 70% of your FRA amount at age 62, then suspend from 67-70, you'd end up with about 94% of your FRA amount (70% + 3 years of 8% increases). That's better than staying at 70%, but you never fully recover from taking early benefits. And yes, the family maximum benefit amount should be on your Social Security Statement in your my Social Security account. Look for something called the "Family Benefits Maximum" - that's the cap on total benefits your family can receive based on your record.

I'm a retired SSA claims specialist, and I can add some additional context to help with your planning. You don't need to tell SSA about your plan to suspend benefits when you initially file. Just contact them when you reach your FRA to request the suspension. Keep in mind that when you suspend, your child's benefits will also stop during the suspension period. They only receive auxiliary benefits when you're actively receiving your retirement benefits. Regarding the family maximum: Yes, it's on your Social Security Statement, but it's important to understand that your son would typically receive about 50% of your PIA (Primary Insurance Amount), subject to the family maximum. The family maximum is usually 150-180% of your PIA. One thing to consider: have you calculated how much your child would receive in total before aging out at 18 (or 19 if still in high school) versus the permanent reduction to your own benefits? Sometimes the math doesn't work out as favorably as people expect.

Yes, that's correct. When a retirement beneficiary suspends their benefits, all benefits to others based on that earnings record (except divorced spouse benefits) are also suspended. This is part of the changes made by the Bipartisan Budget Act of 2015. So in this scenario, the strategy would be to take early retirement at 62 so the child gets benefits until they age out (up to age 19 if still in high school), and then suspend at 67 to earn delayed retirement credits until 70 - but by that time, the child would no longer be eligible for benefits anyway.

I did something kinda similar but didn't suspend. just took benefits at 62 for my daughter who was 14 at the time. the extra money for her helped with college savings. I think the family max was like 175% of my benefit in my case? it's on your statement somewhere i know that.

she got pretty close to 50% of what i would have gotten at full retirement age, not 50% of my reduced benefit. so i got about $1800 (reduced from like $2400) and she got around $1200. But yeah the family max did come into play a little bit. Look for "Family Benefits Maximum" on your statement, that's the number.

Don't forget that if you work after taking SS at 62, you'll be subject to the earnings limit until you reach FRA! They'll take back $1 for every $2 you earn above $22,320 (the 2025 limit). Had this happen to me and it was a NIGHTMARE dealing with SSA about it. They took back way more than they should have!!!

Tried calling SSA about a similar question a few weeks ago and spent 4 HOURS on hold only to get disconnected! So frustrating. Anyone know a better way to get through to them?

Another important factor to consider: when calculating whether this strategy makes financial sense, look at your son's potential benefit amount and multiply by how many months he'll receive it (from your age 62 until he turns 18, or 19 if still in high school). Then compare that total to the lifetime reduction in your own benefit. Break-even point is typically around age 80-82 for most people who take benefits at 62 vs. waiting until FRA. But with the child benefits in the mix AND the suspension strategy, your personal break-even point could be quite different. It's worth doing the actual math based on your specific benefit amounts.

my mom did this!!! she took ss early so i could get benefits for college and she said it was totally worth it even tho her benefit is lower. said she'd do it again in a heartbeat. she never did that suspension thing tho. didn't know that was even possible!!