How do I stop Social Security payments and wait until I am 66?

Answer 1

You can contact the Social Security Administration and request they suspend benefits at any time; however, if you filed for early retirement (before age 66) and have already received cash benefits, you will have to repay the money to the Social Security Administration before your new wages will begin increasing your future benefit amount. If you don't return the money, then your benefit remains frozen at the rate you qualified for when you first filed your retirement claim.

For example, if you retired at age 62, you would receive only 75% of the benefit you'd receive by waiting until your full retirement age of 66.

If you were projected to receive a $1,000 monthly benefit at age 66, your monthly payment at age 62 would be only $750.

This reduction is permanent, unless you repay the money you've already received from Social Security, in order to restart the retirement clock at zero.

If you suspend retirement and are able to repay the benefits and continue working, your future benefits will be higher. At full retirement age (66) you would be eligible for 100% of your benefit; if you delay retirement until age 70, you would become eligible for an 8% increase for each year you remain employed, up to 132% at age 70 (benefits max out at 70).