Before I talk about SS I would like to warn young people You don’t want to be old and poor. You really don’t. Save for your retirement please - it is much easier to be young and take that little bit of money and save it - young and slightly reduced spending money is much better than old and poor and possibly sick Don’t be like me. Covid was a shock
With the uncertainty in the job market and my job specially I have decided to work and get SS at the same time at my true retirement age of 66 this fall.
I thought that I could stop SS and pay back my SS money if my situation stabilizes. This is actually possible in the first year. So I would be able to say I changed mind and want to retire later possibly at 70! ... my dream age before covid
Talking to SS I did learn one thing. The payback and reset can take anywhere from three to six months. During that time you would not have the ability to restart SS - for example if they fired me at my job suddenly and I needed SS. So I would need to have 6 months expenses saved just in case.
And what if they get rid of ACA? Non Medicare costs me 1500 a month.
More importantly I found out that if you are on payback and reset you CANNOT apply for Medicare part B!!! You have to wait until it is done. So if I go into payback and reset I should apply for Medicare part B first which for me is about 300 because of my earnings penalty. So I would probably get an HMO instead which is cheaper.
I would definitely talk to SS instead of applying to SS online. They were very helpful and explained a lot of complicated stuff.
Planning retirement in the US is like negotiating with a used car salesman.
BTW on the average you get 100 extra in your monthly SS check for each year you delay retirement ie 400 more if you wait until 70 SS has calculators on their website