How To Increase Social Security Benefits
The Social Security Administration has taken steps to prevent people from increasing their benefits. However, there are still some ways that people can maximize their benefits legally.
BOSTON (MarketWatch) — The Social Security Administration recently put the kibosh on a technique some retirees were using to boost their monthly benefits. But even though that loophole is essentially closed, experts say there are still plenty of ways households can legally maximize the amount of income they receive from Social Security.
In December, the SSA said retirees essentially can no longer do what are called do-overs, or the free-loan strategy. Here’s how it worked: You claim benefits at a given age and then years later repay what you received, pay no interest, and then file for benefits again, getting a higher monthly amount because you delayed filing until a later age. Read MarketWatch’s story on Social Security do-overs, from 2008.
“This strategy is equivalent to a ‘no interest’ loan from Social Security,” said Boston College’s Center for Retirement… continue reading
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