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Social Security Payback


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Tom Lauricella's January 31, 2010 article in the Wall Street Journal entitled "Social Security Payback Pays Off" is worth a read. It describes a little known Social Security law. This provision offers pensioners who say retire at age 66 the option to repay at age 70 to SS all of their gross SS payments without interest and to have their pensions recalculated with the delayed benefit increase. Also, they receive a credit for the income taxes they may have paid. The catches are you need to come up with the cash and then you need to have a long life after 70.

http://online.wsj.com/article/SB126489831806038027.html [this came up through Google]

The material provided and the opinions expressed in this post are for general informational purposes only and should not be used or relied upon as the basis for any action or inaction. You should obtain appropriate tax, legal, or other professional advice.

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