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Gerald-Esquire, Lawyer
Category: Employment Law
Satisfied Customers: 4080
Experience:  30 years of experience
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I am and turning 70 at the end of August. I have decided to

Customer Question

I am 69 and turning 70 at the end of August. I have decided to take the delayed retirement option, but I read that if I file for Social Security up to 1 month before my 70th birthday, I can go back and collect the previous 6 months of the retirement money I would have received if I had taken my SS at my Full Retirement Age. I can then stop it and restart for my 70th birthday. Is this true? Would I lose 8% of my increase expected from delaying? Will this affect my benefit when I begin collecting at 70? I plan to continue to work after 70.
Submitted: 1 year ago.
Category: Employment Law
Expert:  Gerald-Esquire replied 1 year ago.
Hello,Thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow up questions you have.I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question. This option is no longer available. This strategy, referred to as "Start then Stop" or "Suspending Benefits" in an effort to boost your later monthly payment is no longer an option. Congress made changes to the Social Security program that went into effect on May 1, 2016. As of that date the Social Security Administration will no longer permit suspension of retroactive benefits. It is questionable whether the strategy actually made a significant meaningful difference in your overall benefits. There are many advisers who recommend taking the benefit as soon as practicable for your situation. Since you have already reached full retirement you can collect your benefit at anytime without reduction and continue to work. You will receive an increased monthly payment since you have waited until age 70 to collect. There is no actuarial benefit to you to wait longer than age 70. Here is some additional information on this issue: I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow up questions, feel free to ask. Please note that I am generally unavailable Friday evening through Sunday. Please do not forget to give me a positive rating. It adds nothing to your costs but it helps me greatly. Thank you.If you are dissatisfied with my response PLEASE let me know before giving me a negative review so that I may try to be of better assistance. Or if you prefer, let me know and I can “Opt Out” and your question can be re-posted without additional cost to you. I will be fair to you and only ask the same from you.Good luck. Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing. Kind regards,Gerald