Category - Retirement

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Can You Really Take a Social Security Benefit, Pay It Back, and Then Get A Bigger Benefit?

Can You Really Take a Social Security Benefit, Pay It Back, and Then Get A Bigger Benefit?

An idea that seems to have gained a lot of attention through an article by financial journalist Scott Burns is worth examining. Basically, the idea is this: you retire at 62 and apply for Social Security benefits, which are reduced because you’re retiring early. Then, at age 70, you withdraw from Social Security, pay back the benefits you’ve received, and reapply. Now you receive a much bigger Social Security check.

Normally, if you start taking Social Security benefits at a certain age, your benefit level is locked in from that point forward, although you get cost-of-living adjustments.  You forfeit the …

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