If you are already receiving Social Security retirement benefits, you may be running out of time to boost your future benefits by using the repay and re-apply strategy. This unusual technique allows existing retirees to pay back the total Social Security benefits received (without interest) and then re-apply based on your current age.
This technique can be very helpful to someone who applied at age 62 and has reached full retirement age or even age 70 with adequate other retirement assets in reserve. By repaying and reapplying, you can increase your spending power by 10% or more for the rest of your life. Where else can you get that kind of return for your money?
The current problem is that the SSA considers this strategy to be a “loophole” in the retirement system that needs to be closed. No doubt SSA will get its way and soon. So give it some serious consideration.
For more information about this repay and reclaim Social Security benefit strategy, read the following article from Forbes, written by one of the “Spend ’til the End” consumption smoothing authors, Larry Kotlikoff. He can give you the science behind it.