You can start collecting Social Security benefits as early as age 62, but you’ll end up getting a smaller check than if you wait until age 67, which is your “full retirement age.” And if you wait until age 70 before collecting benefits, you’ll get the maximum monthly payout — but that’s easier said than done.

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

But what if, after you start collecting, you get a job or come into an inheritance and don’t have to rely on your Social Security benefits? Good news: You can request a temporary suspension, which will result in a larger monthly check when you decide to resume them later.

Below, we’ll tell you how to voluntarily suspend your benefits and what to consider before choosing. For more, don’t miss how to apply for social security benefits and social security card and SSDI.

Who is eligible to suspend their Social Security benefits?

If you’re thinking about stopping your payments, know that not everyone who receives Social Security benefits is eligible to suspend them. To be eligible, you must be at least the full retirement age of 67. Therefore, if you decide to retire early and collect your benefits at age 62, you will not be eligible to suspend your benefits until you reach full retirement age, with one exception: if you are not at full retirement age and have collected benefits only for less than a year, you can send an official request to withdraw the application for benefits.

How to Suspend Your Social Security Benefits

If you are eligible to suspend your benefitssubmitting an application is easy. There are no forms to fill out or extra hoops to jump through. You can request suspension by phone, in person at a local Social Security office, or in writing.

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

The suspension will end automatically after you request to resume benefits or in 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 cannot begin earlier than:

• Month after month of request.
• Full retirement age.

your month in which you are entitled to benefits (for initial claims only).

Are there any downsides to suspending Social Security benefits?

While being able to suspend your benefits is designed to help you get a higher monthly payment later, there are some potential downsides, depending on your situation. and who else might receive benefits from your account.

• If you have others receiving benefits on your file, those benefits will also be suspended, except for the 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 Incomeyou will become ineligible from the time you receive these benefits until you resume your Social Security benefits.

Suspension of benefits when you have Medicare Part B

If you are enrolled in a Medicare Part B (supplemental health insurance) plan and you suspend your benefits, the Centers for Medicare and Medicaid Services will begin billing you directly. Your plan premiums they cannot be deducted from your own suspended benefits or those of your spouse or ex-spouse.

For more, don’t miss Social Security scams to watch out for for and 4 Ways You Could Lose Social Security Benefits.