Increase Your Social Security Benefits by 50 Percent or More
If you’re like the millions of retirees in their late 60s and early 70s who elected to take Social Security benefits early, you may be able to significantly increase your retirement lifestyle by repaying (with no interest or inflation adjustment) the Social Security benefits you received in the past and reapplying for benefits from scratch.
Yes! That’s Right.
The Social Security Administration allows you to pay back the money you’ve received in Social Security benefits– without interest and without adjustment for inflation– and reapply for higher benefits.
The Social Security Administration allows you to pay back the money you’ve received in Social Security benefits– without interest and without adjustment for inflation– and reapply for higher benefits.
In fact, if you had paid taxes on your Social Security benefits in the past, you could recover such tax payments at the time you repay your benefits by either (1) deducting the benefits you repay in the year you repay them (i.e., by including them with your other itemized schedule A deductions) or (2) figuring out the extra taxes you paid each year in the past on the past benefits you are paying back, add them up, and taking them as a tax credit.
Just how much higher benefits can you receive?
Depending on your age, it can be as high as 50% greater than when you took out Social Security at age 62.
This Is Too Good to Be True.
Don’t take our word for it. If you go to the Social Security Administration office in your area, fill out the proper form, and hand them a check for the correct amount, you can reapply on the spot and start receiving the higher benefit.
This is not a loophole or some made-up story. It’s a legitimate option for people to consider and to better their financial situation.
Is There a Catch?
There is no catch. However, repaying Social Security and reapplying for a higher benefit may not be right for everyone.
There is a risk. And, that risk is that you could die too soon and not live long enough to recapture the amount you repaid to Social Security.
But the big risk, financially speaking, is not dying too soon, but dying too late—living longer than one expects and, as a result, running out of money.
Again, by repaying your Social Security benefits and reapplying, you may boost your benefits by as much as 50% or more. If you are already collecting benefits, which were reduced because you took them early, and want to see what repaying and reapplying will do for you, click here to contact us or call us (810) 714-9021.
