Medicare & Social Security Questions – Be Very Careful

Social Security Question

Can I suspend Social Security and receive the 8% annual increase until I resume SS?

I’m retired and turning 65 soon. I have been receiving Social Security since I was eligible (age 62).

Answer: “No, suspending benefits to collect the eight percent delayed retirement increase is not an option since you have been taking benefits for almost 3 years. Social security will allow you to start your benefit over within 12 months of the first month of entitlement and limited to one withdrawal.  You must file a request for withdrawal of application and your benefits stop immediately. Social Security Administration will tell you how much you are required to pay back. After your repayment of benefits, you can reapply at the age your choice”, says Kimberly Reynolds, CFP and partner at The Welch Group.