Thus, for a 62-year-old, because the individual has not reached full retirement age the only way to stop Social Security retirement benefits is through a withdrawal of application, which requires the repayment of benefits. Delayed retirement credits are available prospectively until age 70.Can occur only after reaching full retirement age and before age 70.Future benefits will be calculated as though the initial filing never occurred.The individual may elect this one time only.Must occur within 12 months of filing for benefits.The first method is referred to as the “withdrawal of application” and the second is “suspension of benefits.” Each has unique rules as noted below. Social Security retirement benefits can be stopped in two ways. “The friend,” although well-meaning, is mixing up a couple of key Social Security concepts. We bring Case of the Week to you to highlight the most relevant topics affecting your business.Ī recent call with a financial advisor from Ohio is representative of a common inquiry related to Social Security benefits.
Is that correct?ĮRISA consultants at the Retirement Learning Center (RLC) Resource Desk regularly receive calls from financial advisors on a broad array of technical topics related to IRAs, qualified retirement plans and other types of retirement savings and income plans, including nonqualified plans, stock options, and Social Security and Medicare. A friend told him he could suspend his Social Security benefits at a future date if he found new employment and, by suspending his benefits, he would not need to repay Social Security benefits already received. He wants to file for Social Security retirement benefits and look for new employment. It threatens consequences such as arrest, loss of benefits or suspension of your Social Security number if you do not make an immediate payment by gift card, prepaid debit card, wire transfer or cryptocurrency.My client, who is 62 years old, just lost his job.The message asks for your Social Security number - again, something an actual SSA employee wouldn’t do.Except in rare circumstances, the SSA will not call, email or text you unless you have already been in contact with the agency. You receive an unsolicited communication from someone claiming to work for Social Security.With a little vigilance, it's not difficult to spot when a Social Security contact is a sham. If you do owe the agency money - for a benefit overpayment, for example - you'll get an official letter outlining your payment options and appeal rights. It will never threaten or pressure you to take immediate action. It will only text you if you've opted to receive notifications that way, or to verify your identity when you access your online My Social Security account. Remember that the SSA will almost never contact you out of the blue. Some even create counterfeit versions of the IDs federal workers use to gain entry to government buildings, texting or emailing images of the fake credentials to "prove" they're on legitimate Social Security business. To feign legitimacy, they may use the real names of Social Security officials, recite “badge numbers” or stamp mailings with phony SSA letterhead. Impostors also reach out via phishing emails, text messages and even old-fashioned paper mail, OIG says, and their tactics are getting more sophisticated. Armed with those identifiers, scammers can effectively hijack your account, asking SSA to change the address, phone number and direct deposit information on your record and thus diverting your benefits. To get the extra money, you just have to pay a fee, or verify your name, date of birth and Social Security number. On the other hand, you might get a call from a supposed SSA representative bearing good news - say, an increase in your benefits.
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