Ask Terry Questions Social Security Suspend and resume?

Social Security Suspend and resume?

By Terry Savage on December 10, 2018 | Financial Planning / Retirement

I will be 64 in January and would like to start my social security at that time since I will have quite a few bills. When I turn 65 these bills will go down substantially. Therefore, I was thinking of suspending my social security when I reach my FRA, and then sign up again when I near 70. Does this make sense?

Terry Says

Nope. This won’t work!  Read this:

If you have not yet reached your full retirement age and you’re within 12 months of when your benefits started, then in order to stop receiving your Social Security benefits, you must repay what you have received so far. (See the “If you change your mind” section of the Social Security website for details.)

Youve made it this far. Wait until you reach your full retirement age to take your benefits.  And even longer, if possible. For many reasons you’ll be glad you did!

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