Sep 3, 2010

Getting the biggest bang for your Social Security buck

Many techniques exist that can help you get the biggest bang for your Social Security buck. But one technique - paying back social security and restarting benefits - now seems headed to the trash heap.

Simply put, the payback strategy allows a senior who started collecting benefits before full retirement age to reset the Social Security clock. The individual repays Social Security all the benefits he/she has received, without penalties or interest. Once Social Security is reimbursed, the individual may reapply for benefits. Because the individual is older, the new monthly benefits will be greater.

Under the new proposed new rules, an individual will have only one opportunity to stop and restart the Social Security clock. Moreover, the window of opportunity for doing so will be within twelve months of beginning to receive benefits.

For more information, click here.

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