20 Apr Can I stop taking Social Security once I’ve already started?

Q. I began collecting Social Security benefits on March 1, 2023. I am also working. I did not intend to continue working, but Social Security benefits are not meeting my financial needs. Can I stop taking my benefits and begin collecting again when I reach full retirement age in February 2024?
— Cash poor

A. We’re sorry to hear that money is tight.

But we have good news for you.

You can stop taking benefits, said Jody D’Agostini, a certified financial planner with Equitable Advisors/The Falcon Financial Group in Morristown.

“For you, to continue to receive the delayed credits, which are up to 8% per year until the age of 70, you would need to repay in full all the benefit received since March 1,” D’Agostini said. “You also would need to stop the payments.”

Making this move can help in several ways, she said.

If your income meets your current expenses, you will have another year of income that factors into your eventual benefit, she said.

Then, you would receive delayed credits of up to 8% per year, D’Agostini said.

“Social Security takes the top 35 years of your earnings up to an annual maximum, so adding on another year of income can help,” she said.

If you have extra cash, you may also have the chance to build your savings by using an employer retirement plan or an IRA, D’Agostini said.

“Lastly, if you have any other savings, those can continue to grow giving you a higher balance from which you withdraw in retirement,” she said.

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This story was originally published on April 20, 2023.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.