You can receive Social Security benefits for a period of time, then because you realize you don’t really need the benefits for daily expenses you can suspend them in order to increase your benefit later. This may be an ideal option if you need to withdraw social security earlier than you would like. There is a caveat, you can only suspend benefits when you’ve reached full retirement age.
Here is a good overview on how to maximize your social security benefits. Be sure to study or get expert advice on suspending social security especially if you are on Medicare. Since the Medicare Part B premium can no longer be withheld from Social Security payments you will need to begin making Medicare Part B premiums. Here is a brief overview of this complicated but flexible retirement scenario. Mary Ann Doucette is President of Doucette Medical Supply, Ltd. aka Doucette Medical Supply, LLC