If you have started receiving your social security benefits but you now want to suspend receiving your social security payments going forward, you have two options available to you. You can either:
1) Suspending Your Social Security Benefit
2) Withdrawing Your Social Security Benefit
They seem like the same thing, but they are two completely different strategies. One option requires you to pay back the social security benefits already received; the other does not. One option has an age restriction; the other does not.
Some of the most common reasons why retirees elect to either suspend or withdraw their social security benefits are:
• Retirees either take on either part-time or full-time employment or receives an inheritance, they no longer need their social security benefit to supplement their income, and they would prefer to allow their social security benefit to keep growing by 6% - 8% per year.
• A retiree turns on their social security prior to Full Retirement Age, begins making income over the allowable social security threshold, and is now faced with the social security earned income penalty
• Since social security benefits are taxable income to many retirees, by suspending their social security payments, it opens up valuable tax and wealth accumulation strategies. We will cover a number of those strategies in this article.
Contact Michael Ruger with Questions: 518-477-6686 or mruger@greenbushfinancial.com
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17 май 2023
