SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
April 2024
April 2024 Client Profile
Jack retired early and began receiving Social Security benefits. Now he misses working. Can he stop his benefits and start them again in a few years?
Since it’s been more than 12 months since Jack started receiving benefits, he’ll have to wait until he reaches full retirement age to suspend his benefits. Fortunately, that’s only a couple months away.
Temporarily suspending his benefits will then earn him delayed retirement credits and a higher monthly benefit when he resumes payments. When he fully retires, his Social Security benefits will also be boosted by not being subject to federal income tax as they might be if he works and collects benefits.
It's different for someone who started receiving Social Security within the last 12 months. They’d need to file IRS Form SSA-521, essentially making their situation as if they’d never received benefits (other requirements may apply). And, they’d have to pay back everything they’d received in benefits.
Client Profile is based on a hypothetical situation. The solutions discussed may or may not be appropriate for you.
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.