Currently, I'm receiving SS (started at age 63) and my minor son is also receiving monthly benefits. His benefits stop when he graduates HS. At that point, I'll be 67 (my FRA is 66).
Is it possible or advantageous to suspend my benefits at that time and restart benefits at 70? Spousal benefits are not an issue as my wife is much younger and benefits under her own record are much greater than anything she would be entitled to under my work record (WEP impacted) and we can easily live without the SS benefit. Primary reason I took SS is for the family benefit for minor children and the fact that we aren't dealing with significant amounts (about $400 a month).
Thanks in advance for comments.
Is it possible or advantageous to suspend my benefits at that time and restart benefits at 70? Spousal benefits are not an issue as my wife is much younger and benefits under her own record are much greater than anything she would be entitled to under my work record (WEP impacted) and we can easily live without the SS benefit. Primary reason I took SS is for the family benefit for minor children and the fact that we aren't dealing with significant amounts (about $400 a month).
Thanks in advance for comments.