Category - Retirement

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

More Social Security Back Doors

I previously discussed a loophole in the Social Security law that allows current retirees to pay back the benefits they’ve received (without interest) and restart the Social Security clock at a higher benefit level. Recently, I discovered two additional unusual Social Security strategies.

Boston College maintains a Center for Retirement Research that publishes all sorts of interesting working papers and studies about retirement.  Recently, the center published a short worksheet discussing three Social Security strategies that it dubbed “Strange, but True.”

The first item is the scheme that I discussed back in May; it arises from a loophole that …

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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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