Those of us who were forced to start collecting Social Security benefits at 62- the earliest year – still have an opportunity to bump up our benefits to a much higher level.
There is a little known loophole in the Social Security regulations that permit people to pay back their benefits and start all over at a much higher monthly level.
I have written about this before, but am writing again after reading a report in the Wall Street Journal last weekend that the Social Security Administration is considering closing this loophole.
Now this is NOT for everyone. And before taking action talk to a financial professional who specializes in Social Security benefits.
But lets say you are 66 and have been collecting Social Security for the past four years. You now want to purchase an annuity for $100,000. If you are healthy and your parents and grandparents lived to be in at least their high 70s, you might want to consider using that money to pay back Social Security.
I have seen the figures and you can’t buy an annuity that even comes close to the deal you get if you start Social Security fresh at 66 or even wait a couple of years.
For some people going this route than increase your lifetime earnings by tens of thousands of dollars.
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