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Question
Hello,
I just retired at 68 1/2. I have sufficient savings and investments to wait until 70 to receive SS benifits. I also will have a part time job that should give me around 12-13k per year. Like everyone I am worried about long term. Question is, should I apply for SS benifits now or wait until 70? Thanks.

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Answer
If you have not filed for retirement benefits,  you should think about filing and using "voluntary suspension" if you want to delay receiving benefits until age 70.  This would allow you to change your mind because you have filed an application for benefits, but have voluntarily suspended the benefits.  If you file your application this month, you can begin your entitlement with January 2013 and in the remarks of the application you can indicate if you want benefits suspended beginning with January 2013 or not.  If benefits are suspended, you can change your mind at any time before the benefits begin automatically by Social Security at age 70.  You can request that all of the suspended benefits be paid or some of the suspended benefits.  What you ask for is paid in one payment as an underpayment for past due months.  The extra credit added to your benefits for delaying your retirement beyond age 66 is calculated at age 70 based on the number of payments you were paid between age 66 to age 70.

Or, if you have a spouse or if you are a widower, you may want to consider filing for a spouse or widower benefit until you file for your own retirement benefit.  

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Darlene Oldendick

Expertise

Social Security retirement planning and all questions about Social Security eligibility and entitlement.

Experience

Worked for the Social Security Administration for 33 years

Publications
http://www.socialsecurityadviceonline.com

Education/Credentials
33 years employment with the Social Security Administration

Awards and Honors
Many outstanding performance awards while employed at the Social Security Administration

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