Many articles exist about the secrets of Social Security. Some of them are great and effective for getting a higher payment, while others can open doors that can’t easily be closed and bring in potential pitfalls. A Social Security Attorneys in Kansas City can walk clients through any of these issues, but one, in particular, is very interesting. It is possible to essentially suspend Social Security to get a higher payment.
Obviously, this is not something that is highly advertised. Some people have reported contention in being able to suspend and then restart their Social Security. A Social Security Attorney in Kansas City explores exactly when this can be applied and how to do it.
When This Applies
This specific suspension, followed by a restart with higher payments, applies to individuals who have been receiving Social Security benefits prior to full retirement age. An individual at 62 receives Social Security. Before they reach the full retirement age, which is 70, they can suspend their policy.
They can then pick the policy back up and begin receiving Social Security benefits relative to this new age bracket. For example, individuals who retire at age 62 will have a reduced payment. if they stop, pick it back up later and file, they can receive credit payments back.
Delayed Retirement
The ability to do this relies on the delayed retirement credit. In short, a person may receive delayed credits applied to their new age retirement Social Security payment. These details are often unclear and can be difficult to decipher. There are different variables and terms for individuals who delay their retirement and Social Security payments.
These can be credited at a later date if someone was to suspend their payments and open up new terms at a later date. Any delayed credits will be applied to the reduced amount, not the full retirement amount. This can add up to thousands of dollars over the course of a year.
Still don’t know where to go and worried about a possible headache? Contact Grundy Disability Group LLC Attorney to get it handled. Schedule an appointment today to learn about the basics and step towards getting more money every month.
