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Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13267
Experience:  19+ years legal exp. - 10+ years owning/operating her own SSD Law practice.
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My wife and I took social security early about a year ago

Customer Question

My wife and I took social security early about a year ago because we needed the money. She was 62 and I was 65.
A year later, our financial situation has improved and we want to know if it would be better to stop benefits until a future date.
Submitted: 7 months ago.
Category: Social Security
Expert:  Stephanie O Joy, Esq replied 7 months ago.

Hi, my name is***** and I am here to assist you. I am a social security attorney in my private practice – that is ALL I do. Please let me know that my post here is coming through for you by typing a quick reply.

Expert:  Stephanie O Joy, Esq replied 7 months ago.

Your benefits will be biggest in terms of monthly amount, the longer you wait to take them.

Unfortunately, because you are under your respective FRAs, you can not "suspend" your benefits until you are of your FRA age. If you stop them then, you can allow them to grow until age 70, to grow them by 32%.

Another option is if you filed for your benefits less than 12 months ago. If you did, you can ask to "withdraw" that application (one or both of you). It is like a reversal, but the down side it that you have to pay back all you have received. The upside if t his can be accomplished is that one of you can later, at your FRA, file a restricted application for spousal benefits only, while letting your own benefit grow untaken til age 70, then switch over to it. We can't do this if we have already taken our own, ergo the need to withdraw that application entirely.

Lastly, you can work under the age of FRA, such that you are not entitled to payments due to the earnings limit. If you can earn enough for that, they will stop paying you and at least until your FRA, those reductions in your amount will be reversed because even though you filed, you were not able to collect them. That will help reduce that 25-30% reduction your wife experienced and the 16% reduction from full PIA that you experienced.

I will be leaving shortly, but if you need follow up, I will check in later.

Expert:  Stephanie O Joy, Esq replied 7 months ago.

I hope this helps! My goal is to provide you with excellent and accurate service – if you feel you have gottenanything less, please reply back, I amhappy to address follow-up questions.

Kindly rate me "excellent"when you are done. I look forward to assisting you in the future, should you have legal questions. Be sure to start future posts with "To ***** Esq., ONLY" if you want me to specifically answer it.

Sincerely, ***** ***** Joy, Esq.

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