It will depend on your age whether you can suspend your Social Security retirement benefit payments or not. So, in short, it may be possible that some retirees can suspend their monthly payments.
For example, if you have reached normal retirement age (Full Retirement Age), but have not turned 70 yet, you can request the Social Security Administration to suspend your retirement benefits in 2024.
WHAT ARE THE ADVANTAGES OF SUSPENDING SOCIAL SECURITY BENEFIT PAYMENTS?
The main advantage of suspending retirement benefits is to earn delayed retirement credits. Keep in mind that you will receive delayed retirement credits for each month you suspend benefits.
In fact, the best thing about suspending Social Security retirement benefit payments is to get higher checks or direct deposits. For your information, if you delay retirement after Full Retirement Age for 3 years, you can get 24% extra per month.
By doing so, you will have more financial stability. It may also imply having a lower tax liability in some cases, but it will depend on the retiree. But you should take into account a few things before you spend payments.
SOCIAL SECURITY WARNINGS REGARDING SUSPENDING PAYMENTS
Those retirees who are entitled to retirement benefits may voluntarily suspend benefits until they are 70 years old. It usually takes once month for the Administration to suspend your benefits. So suspension will begin the month after you ask for it.
For example, if you call Social Security in May, you will still get your May payment in June. This is because SSA pays benefits the month after they are due. There is no need to sign your request to suspend benefits.
Social Security accepts oral requests and in writing. Once you turn 70, you will automatically begin receiving retirement benefits again. So, if you apply for suspension, they will start once you are 70 years old without having to re-apply.