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I am 68 today, never married, live in Boston. Started ss…

I am 68 today...

I am 68 today, never married, live in Boston. Started ss over a year ago, but still work FT. Benefits are about 18K and salary is about 43k. I want to suspend benefits so that I can be eligible for low-income housing, as my total income exceeds the 70 or 80% AMI threshold. I want to reduce my work to part time within the next 18 months, and when I do so, would probably start taking social security again. Does my plan to suspend benefits make sense?

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits properly. Is there anything else important you think the Retirement Accountant should know?

Perhaps just that I have about 50k in retirement money saved, and contribute about 5% per year toward this (probably would have to reduce though when stop ss.)

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Answered in 5 minutes by:
3/17/2018
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,669
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Hi. My name’s Lane.

...

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Bear with me just a moment.

I'm reviewing your question now and typing up my reply.

...

I'll post that in just a few moments. Then, let me know if you have further questions on this.

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It does make sense.

...

You can suspend any time between Full Retirement Age and age 70... AND the reason this is a no-brainer is that you'll get a DRC (delayed Retirement Credit) for every year (up TO age 70, after that you're just leaving money on the table by not taking the benefit) of 8% for the year's you're suspended.

...

So by managing the cash flow this way, you're not only accomplishing your goal, you're increasing the social security you'll receive forever, but getting those DRC's

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Customer reply replied 4 months ago
After I suspend, is there any minimum time from that I have to 'un'suspend? Could I start benefits again at any time? Do I HAVE to take again at age 70?

You don't HAVE to take again at age 70 ... but you'll no longer be getting the Delayed Retirement Credits, so financially speaking you're just leaving those benefits on the table (for no future increase) AFTER age 70.

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SO all things being equal, if you can go part time, and get that piece from Social Security after waiting for a couple of years ... you'll be maximizing the benefit AND not not having to work for that portion of your income.

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Customer reply replied 4 months ago
Thanks for that clarification. One last question: Is it possible to suspend, take, suspend again? I doubt I would do this, given how close I am to 70, but it would be good to know.

Yes you can ... HOWEVER, at age 70 they will start automatically. If you don't want the benefit after that you're doing something a little different.

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You'd be disclaiming earnings which is NOT something that you can undo.

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See this:

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https://secure.ssa.gov/poms.nsf/lnx/0103870060

Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,669
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified
Lane and 87 other Social Security Specialists are ready to help you
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Customer reply replied 4 months ago
OK, got it. There would be no reason to not take at 70, as I'd loose money. thanks, you've been very helpful.

You're very welcome. Thanks much for the rating

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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,669
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986

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