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Retirement is a journey. Getting where you want to go requires a plan.
How Long Has It Been Since You Filed?
If it’s been less than 12 months since you filed, you can withdraw your application, repay the benefits you collected, and start over later. If it has been more than 12 months since you’ve filed, or if you don’t want to go through the trouble of withdrawing and repaying, you can simply go back to work at a high enough salary that all of your benefits will be withheld (roughly $60,000 per year or more). When you turn full retirement age, the benefit will be recomputed to add back in the actuarial reduction for those months in which a benefit was withheld. At this time you can voluntarily suspend your benefit to earn the 8% annual delayed credits on the amount of the benefit at the time of suspension.A Look at the Numbers
There have been cases where a client filed for Social Security at 62, received just one or two checks, and then went back to work. Because the benefit will be suspended—automatically from 62 to Full Retirement Age (FRA) and voluntarily from FRA to 70—they will end up with nearly the same benefit as if they had initially waited until age 70 to file.Mark Singer, CFPⓇ, President of Safe Harbor Retirement Planning, has been recognized for his vision and creativity within the world of financial planning. He has been in the industry for over three decades, is the author of three books, and is a frequent speaker. Request a free copy of the 2019 Social Security Quick Reference Guide, which gives you key Social Security numbers to help you in planning, here. Get in touch with Mark at 781.599.2660, mark@55retire.com, and 55retire.com. This content was developed in conjunction with Elaine Floyd, CFP®.