Summary
Americans who have reached full retirement age but are younger than 70 can voluntarily suspend their Social Security retirement benefits to earn delayed retirement credits and increase future monthly payments. The strategy benefits retirees who no longer need immediate income and expect to live long enough to benefit from larger checks. However, suspending benefits also pauses payments to eligible family members receiving benefits on the worker’s record, except divorced spouses. Retirees should carefully weigh their cash-flow needs, health, life expectancy, and family circumstances before choosing this option. Financial experts recommend evaluating the long-term trade-offs and consulting a professional before making the decision.
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