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Collecting S.S., then go back to work
Old 05-16-2016, 04:53 PM   #1
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Collecting S.S., then go back to work

My friend (I've discussed him in other threads) earns a high salary but is (again) concerned he may lose his job soon. He asked me, but I didn't know the answer:
He says he will need SS for the cashflow. If he does lose his job, and starts collecting SS retirement, and at some point lands another job, how does he deal with SS? Obviously he will earn too much, and quickly, to continue to collect SS.
But does he just let the government stop the benefits, and then just resume collecting SS when he finally retires? Or is there a benefit to formally asking for SS to stop, so he can earn a higher amount when he does fully retire?
He will be 64 in July. If he does manage to get another job, he thinks it'll take 6 months to a year. Hopefully I've phrased the question clearly. Any ideas?

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Old 05-16-2016, 05:12 PM   #2
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SS may allow him to suspend drawing his SS, while he works before full retirement age. Once he resumes, it may be a bit higher.

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Old 05-16-2016, 05:33 PM   #3
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Yes, he can suspend his SS benefit and when he stops working can restart. They will recalculate the amount based both on the time he stopped benefits and his contributions when he went back to work so the benefit will be higher. How much higher depends on how long he suspends and what his income was when he went back to work so if he kept the job for several years it could be a significant difference.
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Old 05-17-2016, 01:36 AM   #4
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I believe he has the option to pay back SS in his first year. This will allow him to get a higher benefit when he applies again.

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Old 05-17-2016, 05:32 AM   #5
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Originally Posted by mystang52 View Post
He will be 64 in July. If he does manage to get another job, he thinks it'll take 6 months to a year.
It is not possible to suspend prior to FRA. He may be able to withdraw the claim for benefits. If the scenario occurs before FRA and the claim cannot be withdrawn due to his cash flow issue, an earnings test may be applied from when the new job starts until he can suspend at FRA.

If you have reached full retirement age, but are not yet age 70, you can ask us to suspend retirement benefit payments.

If you started receiving Social Security benefits less than 12 months ago and you changed your mind about when they should start, you may be able to withdraw your Social Security claim and re-apply at a future date. If your request is approved, you must repay all the benefits you and your family received based on your retirement application.

Earnings Test:
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