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COVID-19 Hardship? You Can Claim SS early and Suspend Later
The COVID-19 pandemic has caused financial hardship for many, even with the Federal Government’s “CARES Act” which provides an economic stimulus to most Americans. In spite of the stimulus, for most seniors there is still rent to pay, mortgage and other loan payments to make, medicines to buy, and food purchases to make. If the pandemic has cost you your job or somehow affected your income in a way which makes it hard to meet basic necessities, and you are eligible for Social Security and have been waiting to claim it, there is an option you may want to consider - claiming a reduced Social Security benefit now to supplement your income, and suspending those benefits later to increase your benefit amount. While this is not recommended for anyone who doesn’t truly need their SS benefit to make ends meet now, it is a way to get some temporary emergency income flowing, as explained in this article by Molly Bond at the American Booksellers Association. Click here to read more.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.