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Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2677
Experience:  associate attorney
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Age 65, Single. FRA is 66 I will be 66 in January 2017. I

Customer Question

Age 65, Single. FRA is 66 I will be 66 in January 2017. I do not plan to take benefits for at least two more years to obtain the delayed benefit increase. What would you recommend regarding file and suspend and restricted application by the april 30, 2016 deadline? Would this qualify me for the lump sum when I opt to take benefits?
Submitted: 7 months ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 7 months ago.
My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship. You do not qualify for the file and suspend as you have to be at FRA before May 1, 2016. If you are single this is all for naught anyway. The file and suspend or the restricted benefit only matter if you are married as these relate to the spousal benefit. There is no lump sum available to you after these changes, the only way for this is if you suspend your benefits at age 66 and then at a later date decide to take your benefit going back to the date of your suspension. So, for example, if you suspend (again this is not available to you as you have not reached FRA by May 1) your benefits at age 66 and then at age 68 decide to make your election and give up any credits you received from 66-68 (you get an 8% increase per year), you can get a lump sum for those 2 years and give up the credits. So unfortunately, you do not qualify for any of this as you do not have a spouse. You can still suspend your benefits at age 66 if you please but the lump sum that I described has been eliminated. Please let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces or numbers from 1-5 to choose from. This extra step will cost you nothing extra and will ensure that I will be compensated for my time by the site.
Customer: replied 7 months ago.
What about the part of the question pertaining to Restricted Application for those 62 or older but not FRA? Any advantages?
Expert:  Christopher B, Esq. replied 7 months ago.
If you are single, this does not apply to you. It deals with the spousal benefit. You have to be married or have an ex you can take benefits off of. If you can take advantage yes it is helpful.
Expert:  Christopher B, Esq. replied 7 months ago.
I can go into more detail about the restricted benefit if you need but it does not look as if it applies to you. Please let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces or numbers from 1-5 to choose from. This extra step will cost you nothing extra and will ensure that I will be compensated for my time by the site.
Expert:  Christopher B, Esq. replied 7 months ago.
Just checking back in, do you have any further questions?

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