How to Suspend Your Social Security Benefits and Why You'd Want To

You can begin collecting Social Security benefits as early as the age of 62, but you'll end up getting a smaller check than if you wait until the age of 67, which is the "full retirement age." And if you wait until your 70 before collecting benefits, you'll receive the maximum monthly payout -- but that's easier said than done. 

A lot can go into deciding when to begin collecting your benefits. If you don't have enough savings or set aside enough in a 401(k) to allow you to hold off from applying for Social Security, you may have to begin collecting benefits earlier than you'd prefer. 

But what happens if after you start collecting you pick up a job or come into an inheritance and don't need to rely on your Social Security benefits? Good news: You can make a request to suspend them temporarily, which will result in a larger monthly check when you decide to resume them later on. 

Below, we'll fill you in on how to voluntarily suspend your benefits and things to consider before you choose to. For more, don't miss how to apply for Social Security benefits and the Social Security and SSDI cheat sheet. 

Who is eligible to suspend their Social Security benefits?

If you're thinking you'd like to pause your payments, know that not everyone receiving Social Security benefits is eligible to suspend them. To be eligible, you need to be at least the full retirement age of 67. So if you decide to retire early and collect your benefits at 62, you won't be eligible to suspend your benefits until you reach your full retirement age, with one exception: If you're below your full retirement age and have only been collecting benefits for under a year, you can submit a formal request to withdraw your benefits application. 

How to suspend your Social Security benefits

If you're eligible to suspend your benefits, submitting a request is easy. There are no forms to fill out or additional hoops to jump through. You can request the suspension over the phone, in person at a local Social Security office or in writing. 

Once the agency has received your request, your benefits suspension will take effect the following month, unless you just applied for benefits and your application is still pending.  

The suspension will automatically end after you request to resume your benefits again or the month before you turn 70, whichever is earlier. 

In some cases, the Social Security Administration will accept advanced requests for voluntary suspension, but it can't begin earlier than:

• The month after the month of the request.
• Your full retirement age.

Your month of entitlement to benefits (for initial claims only).

Are there drawbacks to suspending your Social Security benefits?

While the ability to suspend your benefits is designed to help you get a larger monthly payment later on, there are some potential drawbacks, depending on your situation and who else might be receiving benefits from your account.

• If you have others who receive benefits on your record, those benefits will also be suspended, with the exception of a divorced spouse who will continue to receive benefits. 
• If you receive a benefit on someone else's record, that benefit will also be suspended.
• If you also receive Supplemental Security Income, you will become ineligible from receiving these benefits until you resume your Social Security benefits.

Suspending your benefits when you have Medicare Part B

If you're enrolled in a Medicare Part B plan (supplemental medical insurance) and you suspend your benefits, the Centers for Medicare & Medicaid Services will begin billing you directly. Your plan's premiums can't be deducted from your own suspended benefits or your spouse's or ex-spouse's. 

For more, don't miss Social Security Scams to look out for and 4 ways you could actually lose your Social Security benefits.