Clients who suspend Social Security benefits will stop the benefit the month after they make the request and are able to restart benefits at any time, at whatever the new payout will be.
Clients who suspend do not need to repay any payout they’ve already taken, but while their benefit is suspended, the program will also suspend those claiming benefits on the client’s record, such as a spouse or minor child. It will not affect an ex-spouse claiming benefits on the client’s record.
Clients can withdraw their benefits at any age, as long as they started receiving benefits less than 12 months prior and have not filed for a withdrawal of benefits before. But they will have to repay any benefits they’ve already received, including any Social Security payouts as well as payments the program made in their name for Medicare and taxes and payments made to a spouse or children.
The good news is that when a client withdraws their benefit, it’s as if they never filed for Social Security. They can restart anytime and, in the meantime, their potential benefit will increase by up to 8% annually once they hit full retirement age.