can you start and stop collecting social security?
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En español | Yes. If you claimed Social Security retirement benefits within the previous 12 months, you can apply for a “withdrawal of benefits.” You will have to repay what you have received so far, and Social Security will treat your application for early benefits as if it never happened.
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When you begin receiving Social Security retirement benefits, you are considered retired for our purposes. You can get Social Security retirement or survivors benefits and work at the same time. ... If you are younger than full retirement age and earn more than the yearly earnings limit, we may reduce your benefit amount.
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If you are already entitled to benefits, you may voluntarily suspend retirement benefit payments up to age 70. Your benefits will be suspended beginning the month after you make the request. We pay Social Security benefits the month after they are due.
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Maximizing Social Security Benefits You reach age 62, and you can start collecting benefits. Or you wait until normal retirement age (66 for most) to collect a larger benefit. 2﻿ For an even bigger monthly check, wait until age 70.
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Social Security retirement benefits start as early as age 62, but the benefits are permanently reduced unless you wait until the full retirement age of 66 or 67. Payments are for life. Social Security spousal benefits pay about half of what your spouse gets if that's more than you'd get on your own.
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You can apply to withdraw benefits with Social Security form SSA-521. ... You can no longer withdraw from benefits, but when you reach full retirement age, you can voluntarily suspend your retirement benefits.
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If you change your mind about starting your benefits, you can cancel your application for up to 12 months after you became entitled to retirement benefits. This process is called a withdrawal. You can reapply later. ... Withdrawing Both Social Security and Medicare Benefits.
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If you are collecting Social Security retirement benefits before full retirement age, your benefits are reduced by $1 for every $2 you earn over the limit. Once you reach full retirement age, there is no limit on the amount of money you may earn and still receive your full Social Security retirement benefit.
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If you retire too early (i.e. before earning a paycheck for at least 35 years), you'll receive less Social Security. That's the downside to an early retirement. ... If your full retirement age is 67 but you avoid taking Social Security until you turn 70, you can claim 124% of your full monthly benefit amount.
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If you're at least 62 years of age, you can collect Social Security and continue to work. 1﻿ But unless you've reached full retirement age, you'll be doubly penalized: By taking Social Security early, you'll be accepting a benefit that is permanently reduced by about 30%. 2﻿
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Key Takeaways. Social Security retirement benefits start as early as age 62, but the benefits are permanently reduced unless you wait until the full retirement age of 66 or 67. Payments are for life. Social Security spousal benefits pay about half of what your spouse gets if that's more than you'd get on your own.
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If you work and are full retirement age or older, you can earn as much as you want and your benefits will not be reduced. However, individuals may begin taking Social Security retirement benefits early beginning at age 62. ... Once you reach full retirement age, your benefits will no longer be reduced.
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If you're at least 62 years of age, you can collect Social Security and continue to work. 1﻿ But unless you've reached full retirement age, you'll be doubly penalized: By taking Social Security early, you'll be accepting a benefit that is permanently reduced by about 30%.
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If you work and are full retirement age or older, you can earn as much as you want and your benefits will not be reduced. However, individuals may begin taking Social Security retirement benefits early beginning at age 62.
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Unexpected life changes may occur after you apply for Social Security retirement benefits. If you change your mind about starting your benefits, you can cancel your application for up to 12 months after you became entitled to retirement benefits. This process is called a withdrawal.
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Apply four months before you want your Social Security retirement benefits to start. If you want your benefits to start at age 62, you can apply at age 61 and eight months.
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If you start taking Social Security at age 62, rather than waiting until your full retirement age (FRA), you can expect up to a 30% reduction in monthly benefits with lesser reductions as you approach FRA. Remember, FRA is no longer age 65. ... Waiting to claim your Social Security benefit will result in a higher benefit.