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dylatess, ATTORNEY
Category: Social Security
Satisfied Customers: 3441
Experience:  37 plus years of SSD practice
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I will be leaving my job and will get a severance package of

Customer Question

I will be leaving my job and will get a severance package of 9 months that I will get payment on in early 2017. I turn 65 in October of 2017. My question should I wait until October of 2017 to file for Social Security or file and suspend and start in October. Is there advantage to do this.
JA: The retirement accountant will know how to help. Is there anything else the retirement accountant should be aware of?
Customer: No
Submitted: 10 months ago.
Category: Social Security
Expert:  emc011075 replied 10 months ago.

Hi. My name is ***** ***** I will be happy to help you.

After April 30, 2016 you cannot file and suspend your benefits any more, and it was only available at full retirement age, which is 66 in your case.

If you apply for social security benefits before your full retirement age your benefits will be permanently reduced.

If you apply for your benefits in January 2017, 21 month before your full retirement age, you will receive 88.33% of your benefits. If you wait until October, you will get 93.33% of your benefits. If you wait until October 2018, you will get your full benefits.