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Trade in your Social Security Check

MULTIZ321

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Interesting article on Social Security in today's South Florida Sun Sentinel
by Humberto Cruz

Social Security Strategy is Legal But it Carries Risks

more on this from a Janet Novack article in the Forbes Retirement Guide
Trade in Your Social Security Check

Reapply for Social Security: Raise your Living Standard

Social Security's Form 521 - Request for Withdrawal of Application
http://www.socialsecurity.gov/online/ssa-521.pdf

I think this topic was discussed recently in a Tug thread but I couldn't locate it in a search.

Richard
 

Kal

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There has been constant chatter from politicians to reduce Social Security benefits. In some cases it might be the difference between taking it as soon as possible before anything is changed, OR take a chance. The Social Security Trust Fund is substantially under funded and something has to occur. At least we can all trust politicians so not to worry, huh?
 

KCI

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I've been considering "Withdrawal of Application" for about a year. It's no wonder that SS is going broke. Withdrawal occures when you initially take SS early on and decide to withdraw your application later on, pay back all you have received (no interest added) and stop getting SS at 68/69/or 70. Then you reapply and start receiving SS again at a much higher amount as if you never received it before. There are two risks, 1) that you will die before getting back what you paid back and 2) having Congress change the law before you start getting the larger pay check. There are many pluses, 1) your spouse now increases her SS to half of your new amount, 2) if you die she gets your higher amount, 3) You get more money, 4) you can get back all Fed taxes paid on the earlier SS. People who have analysed this to death and say it's like getting a 40% bonus over any annuity from any insurance company. What's holding me back? I just want to get a little older. It's a crazy world we live in.
KCI's Wingman
 
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