Social Security Payback Option may disappear
Social Security payback option may disappear
Proposed rule would eliminate do-over opportunity.
Kiplinger's Personal Finance, August 25, 2010
An obscure strategy that allows Social Security recipients to boost their income by repaying benefits received in earlier years and then claiming a bigger monthly check based on their older age may soon disappear. Kiplinger has learned that the Social Security Administration is moving to eliminate the so-called do-over strategy.
If the agency gets its way, the new rule could take effect within a few months.
The once little-known payback strategy has been gaining attention in recent years, thanks in part to a series of articles by Kiplinger that unveiled several ways of making the most of your Social Security benefits (see "Secrets to aximizing Social Security").
If you or someone you know might benefit from the payback strategy, now's the time to consider it and come to a decision. Putting it off could mean letting the government make the decision for you Â by eliminating the opportunity.
Here is a link that might be useful: Full article: Social Security option