Suspending Social Security Payments

[at_last]

Friends-
I read an article in the WSJ today about Social Security. One of the points made is that an individual who started taking SS before their full retirement age can suspend their payments until they are 70. I started taking SS at age 62 and will be 66 (my full retirement age) in September. I don't need the money now. I understand that my benefit would increase by 8% each year of suspension.
Am I reading this correctly? I would appreciate your thoughts/issues on this matter. Thanks.
ssa.gov/retire2/suspend.htm

 

[Brett_Cameron]

See this: https://secure.ssa.gov/apps10/poms.nsf/lnx/0202409110
This is the relevant section of the SSA Program Operations Manual related to suspension of benefit payments.

Also this:
https://secure.ssa.gov/apps10/poms.nsf/lnx/0202409100

This discusses computation of Delayed Retirement Credits if you suspend benefits after FRA and includes a discussion of how the DRC is computed if you started reduced benefits before FRA .
https://secure.ssa.gov/apps10/poms.nsf/lnx/0300615690

Hope this helps.

 

[braumeister]

Unfortunately, I think you missed out. It used to be possible to give back all the money you had collected and wait to claim a larger benefit later on (up to 70).

That loophole went away, and now you only have 12 months to make such a decision (this is pointed out in the article you read, I think).

 

[at_last]

I could be wrong.....but....

Braumeister-
I believe you are talking about a start over plan which did end a few years ago..............at last

 

[braumeister]

You're right. I thought that was what you were asking about.

 

[Cessna5354]

So to be clear, remember I am from WVa,

The current "Do Over" program has been restricted to a Do Over within 12 months after the initial payout.

This is new news to me.

Thanks,

 

[braumeister]

The policy was changed about a year and a half ago.