How to Pause Social Security to Perhaps Get a Larger Amount Later
Katie Teague’s cnet.com article explains that yes, you can stop your Social Security benefits and start receiving a bigger amount later, but it’ll cost you. In short, 1.) you only have 12 months from when you became entitled to Social Security benefits to make the decision; you aren’t eligible to pause payments if a year has passed. 2.) You can only withdraw once in your lifetime. 3.) You must pay back all the money you and your family received from Social Security. 4.) If others receive benefits based on your application, they must consent to withdrawing your application. Full piece that also explains how to go about this is here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.