Q & A
Can I Suspend at 63 or Repay Benefits to Avoid the Earnings Test?
Full Question: I’m 63 and collecting Social Security. I had to get a job to support myself. Next year, I will make more money than they allow. Can I stop Social Security and collect when I reach the proper age? Do I have to pay back the money I already collected? And how does that work?
Answer: You can’t suspend your benefit until you reach full retirement age. And you can’t repay all the benefits you received and reapply if you have been receiving benefits for a year or more. But don’t worry. When you reach full retirement age, Social Security will raise your retirement benefit (actually, undo the early retirement benefit reduction) to make up for any benefits you and your family members lose on your own earnings record via the earnings test between now and when you reach full retirement age.
Source: Laurence Kotlikoff, Forbes Contributor – 10/25/2014
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