This is a good reason to file and suspend at FRA, even if single.
If one does this, one can "back up" to FRA and collect all past benefits since that time, although all future benefits will be at the lower benefit level per FRA.
If one hasn't suspended, one can only "back up" a shorter time, if one suddenly realizes one isn't quite so healthy (or some other reason it no longer makes sense to wait until age 70). If a spouse is not in the picture then you simply waiting until 70 to apply.
I don't understand this at all. Perhaps I don't understand SS as well as I thought.
My understanding is the only reason to File and Suspended is to allow a spouse to start collecting spousal benefits while at the same time still collect delayed retirement credits.
I don't know what is meant by "back up". If you realize your health is a problem then you can start collecting SS at that time assuming you are over 62.
Yes, this is apparently a little-known "side effect"
of filing and suspending, one that could work equally well for single and married.
We didn't know about it in time to "do it", but fortunately, we didn't need it, so we ended up waiting until the more typical "married strategy" of file and suspend.
What I meant by "backing up" is to go back as far "as possible" to collect SS benefits that haven't yet been collected.
I think it might be just 6 months (or is it 12?) ordinarily.
That is, if one is 68, and then wishes one had collected sooner, one can NOT go back further, although one *can* get those few months retroactively.
NOTE: If one does this, my understanding is that all future benefits are at the lower "age-determined amount" as whenever the retroactive benefits began.
But IF one did file and suspend (married or single), then one can go all the way back to FRA to collect ALL benefits from that date.
Again, these will be at the reduced monthly amount, per the age of (belatedly) "starting".
However, if this is done because life expectancy is suddenly looking not so good, then this does probably make sense.
That is, if one had known this (bad health prognosis) at FRA, one might have started SS then (or perhaps even earlier!).
Hope that is more clear? If not let me know.
There used to be a way to collect ALL benefits at lower age-adjusted benefits, and then, upon reaching 70 or so, pay it all back, and start collecting "for the rest of one's life" at the maximum SS amount for that person.
That's not available any longer, but this comes sort of close, but sort of in reverse.
This signature is a placebo. You are in the control group.