When is it reasonable to stop benefits?
You may want to stop Social Security benefits if:
– You have not yet reached full retirement age
– You wish to earn delayed retirement credits
– You started benefits while working and are earning more than the allowable limit
– You want to reduce your taxes
When can you stop Social Security benefits?
Social Security offers two ways to stop benefits:
– Withdrawal of benefits
– Suspension of benefits
How to stop and restart benefits
Once you have made the decision to stop benefits, you will need to file a formal request with Social Security. Here’s how to do it:
– To withdraw benefits, fill out Form SSA-521 and send it to Social Security.
– To suspend benefits, submit a verbal or written request to Social Security to stop payments.
What happens when you stop benefits?
Before contacting Social Security, understand the implications of your decision. These implications may include:
– Recoupment of benefits paid so far
– Recoupment of healthcare benefits
– Changes to other benefits
– Suspension of Social Security benefits for others
– Suspension of Social Security income benefits
Conclusion
If your payment start date or age allows, you can stop Social Security benefits. Later, you can reapply for them or restart payments for higher payment levels and pay less tax on them. Before making a decision, you should consider its personal and financial impacts. Working with a financial advisor can help you assess the personal and financial implications of stopping Social Security.
Frequently Asked Questions
What are some good reasons to suspend Social Security payments?
What is the maximum benefit you can get from Social Security?
Source: https://www.thebalancemoney.com/how-to-stop-social-security-retirement-benefits-2388914
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