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You Can Stop Your Social Security Payments, But Why Would You?
Generally speaking, once you claim your Social Security benefits you’re stuck with them, including the size of your benefit. But the reality of life is that sometimes things change, and Social Security does have rules which permit you to stop receiving benefits. Why would you want to?
As stated, sometimes things change. Perhaps the loss of a job causes someone to claim reduced benefits early, and finding another job makes you regret that you started SS benefits. Or perhaps you simply rue claiming a reduced benefit and wish to get a higher amount. For whatever reason, there are two ways to stop your Social Security payments, depending on your specific situation. One is to withdraw your application, which must be done within 12 months and which also has some consequences, and the other is to simply suspend your SS payments to earn a higher benefit when you later restart them. All of this is explained in this Forbes article by John F. Wasik. Click here to read more.
Also, if you’re unsure about your individual situation under Social Security or have questions about your personal benefit entitlements, note that the AMAC Foundation provides an independent free-to-the-public Social Security Advisory service to help Americans navigate the complexities of this program. Learn more about it here…
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