Brett_Cameron
Thinks s/he gets paid by the post
This link: https://secure.ssa.gov/apps10/poms.nsf/lnx/0202409100 Sections GN 02409.100 through .130 describe how the SS will administer this.
Describes how the SS administration will process a voluntary suspension of benefit payments, apply delayed retirement credits, and resume benefit payments at age 70.
This is my plan, start at 62 suspend at FRA and restart at age 70 allowing dependent benefits before they all get too old.
My estimate is that the reduction in benefit by taking SS at 62 will be offs et by the delayed retirement credits from FRA to 70 and I will end up at a ge 70 with a monthly benefit slightly more than what I would have gotten had I waited until FRA.
Describes how the SS administration will process a voluntary suspension of benefit payments, apply delayed retirement credits, and resume benefit payments at age 70.
Beginning in 01/00, a numberholder (BIC A only) who has attained full retirement age (FRA), but is not yet age 70, may elect to suspend his/her retirement benefit in order to earn delayed retirement credits (DRCs). This change is part of the Senior Citizens" Freedom to Work Act of 2000. This legislation eliminated the annual earnings test (AET) and the foreign work test (FWT) for those who have attained FRA. It allows beneficiaries to receive full retirement benefits regardless of earnings. Prior to 01/00 those benefits would have been subject to the AET or FWT and DRCs would have been earned for months subject to a full work deduction. Because those beneficiaries will no longer be subject to the AET or FWT, they are being given the opportunity to elect voluntary suspension of retirement benefits to earn DRCs.
This is my plan, start at 62 suspend at FRA and restart at age 70 allowing dependent benefits before they all get too old.
My estimate is that the reduction in benefit by taking SS at 62 will be offs et by the delayed retirement credits from FRA to 70 and I will end up at a ge 70 with a monthly benefit slightly more than what I would have gotten had I waited until FRA.