I turned 62 May of 2021and took retirement, getting my first check in July 2021. I worked part time since but stayed under the limit of income. I am wanting to return to work full time. Can I suspend my social security retirement benefits at this time?

Hi. No, you can't voluntarily suspend your benefits until you reach your full retirement age (FRA). But, if you return to work and if you earn more than the Social Security earnings test exempt amount, Social Security would need to suspend your benefits long enough to withhold $1 of benefits for each $2 that you exceed the yearly exempt amount. That could result in your benefits being suspended for an indefinite number of months depending on your benefit rate and the amount that you earn.

For example, let's say Bob started drawing his benefits in 2021 and returns to work in 2022. Bob will earn $29,560 in 2022, which is $10,000 more than the earnings test exempt amount of $19,560 (https://www.ssa.gov/benefits/retirement/planner/whileworking.html). As a result, Social Security would need to withhold $5,000 of Bob's benefits for 2022, or $1 of benefits for each $2 of his excess earnings. If Bob's monthly benefit rate is $1,000, for example, his benefits would then need to be suspended for 5 months in order to withhold the required amount.

By the way, if you do return to work and if your earnings are high enough to result in your benefits being suspended, your monthly benefit rate will be recalculated effective with the month you reach FRA in order to remove some of the benefit rate reduction that you took to start your benefits early. That would increase your eventual benefit rate by 5/12ths of 1% to 5/9% of 1% for each month that your benefits are withheld due to your earnings.

Also, if you do return to work and if your earnings will exceed the yearly earnings test exempt amount, be sure to notify Social Security as soon as you return to work. Not notifying Social Security timely could result in an overpayment of benefits, for which you would be liable.

Best, Jerry