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PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 4621
Experience:  35 years tax and professional advice in all matters money
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I am deferring taking social security until I'm 70 years of

Customer Question

I am deferring taking social security until I'm 70 years of age. I am turning 66 years old this month and I've been informed by a family member that if I don't file some sort of extension for deferred SS by April 1, 2015, the Social Security system will reduce the amount I'll receive in 4 years when I activate my SS funds.
Any clarity on this issue is greatly appreciated.
Ginny Gilbert
Submitted: 1 year ago.
Category: Social Security
Expert:  PDtax replied 1 year ago.

Hi from Just Answer. I'm PDtax, and can assist.

Expert:  PDtax replied 1 year ago.

There is a may 1, 2016 effective date for certain strategies, such as file and suspend if you were married and looking to set up a spousal benefit for your spouse.

Since you didn't mention a spouse, I assume this is for your benefit on your work record.

There are filing options to be considered before May 1, 2016, but most apply to married claimants. There is no provision I know of that would reduce your benefit at age 70.

You do not need to file any extension to maintain your age 70 benefit as you intend to claim.

Thanks for asking at Just Answer. Positive feedback is appreciated. I'm PDtax.