Hello allard-ga,
Your situation is not uncommon and the Social Security regulations
provide for adjustments of your benefits without you having to
withdraw your claim. After you’ve reviewed the information I’ve
collected regarding the issues you raised, I suggest that you contact
your local Social Security office to get advice about your unique
situation. If any of this is confusing, be sure to ask for
clarification.
Best wishes for your retirement.
czh
http://www.ssa.gov/
Social Security Administration
http://www.ssa.gov/OP_Home/handbook/handbook-toc.html
Social Security Handbook – Table of Contents
http://www.ssa.gov/OP_Home/handbook/handbook.03/handbook-toc03.html
Chapter 3: Cash Retirement and Auxiliary Benefits; Special Age 72
Payments
This chapter discusses eligibility requirements for retirement
benefits, how benefits are computed and when they are paid.
http://www.ssa.gov/OP_Home/handbook/handbook.07/handbook-toc07.html
Chapter 7: Figuring the Cash Benefit Rate
This chapter explains in detail how benefits are computed and adjusted
for various reasons.
Section 723. Reduction of Benefit Rate applies to your situation of
receiving reduced benefits at age 62 and the subsequent suspension of
benefits because you were working.
Section 724. Basic reduction formulas. explains in detail how the
reduction formula is computed.
Section 725 How is the number of reduction months computed? discusses
how many months are used in the reduction computation.
Section 728. Adjustment of reduction factor at FRA. is most relevant
to your situation. It explains how your benefit will be adjusted when
you stop working to remove from the reduction months the months you
did not receive your benefit because you were working.
http://www.ssa.gov/OP_Home/handbook/handbook.18/handbook-toc18.html
Chapter 18: Reduction or Nonpayment of Social Security Benefits
This is a long a detailed chapter on determining how your earnings
affect the amount of your yearly benefits and what months you can be
paid. These provisions apply to your situation of working after
becoming a beneficiary.
It is not possible to determine whether it would be advantageous for
you to withdraw your claim and file a new claim when you stop working
without having the full details of your situation. Social Security
will do the calculations to help you evaluate your options to
determine which course of action would be more advantageous.
http://policy.ssa.gov/poms.nsf/lnx/0200206001
GN 00206.001 When to Discuss Withdrawal (W/D)
When an individual files for reduced benefits but wishes to W/D
because of a decision to continue to work, in most cases, there will
be no particular advantage to immediate W/D. … If an individual
continues to work and has deductions for months before full retirement
age (FRA), the FRA adjustment will raise the benefit to account for
all months where a full monthly benefit is not paid because of work.
Explain that if the Beneficiary stops working before FRA, W/D and
refiling may be done at the time he/she stops working.
Your benefit payments will resume when you report that you have
stopped working. There may be additional rules and regulations that
apply to your situation. Use the following links to find the
appropriate sources of information.
http://www.ssa.gov/reach.htm
How To Contact Social Security
http://s3abaca.ssa.gov/pro/fol/fol-home.html
Social Security Office Locator
http://www.ssa.gov/sitemap.htm
An Index of Social Security Online
Select A-Z below to get close to your topic or just scroll through the
list of topics on this page.
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