Black People : Repaying Social Security Can Be a Good Deal

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When it comes to Social Security benefits, there is such a thing as a do-over.
The majority of Social Security beneficiaries claim early reduced benefits. But a little-known part of the law allows retirees who started collecting benefits to change their minds, start over and reapply for a greater benefit. The only hurdle – they must repay past benefits.
A June survey by AARP found that Americans age 44 to 75 fear running out of money more than they fear death. More than half of people age 44 to 54 are afraid they won’t be able to cover basic living expenses in retirement.
Resetting your Social Security benefits is essentially a safeguard against outliving your savings.
“That’s the biggest worry we have – clients living past normal life expectancy and running out of money,” says Brett Horowitz, a certified financial planner and principal at Evensky & Katz. “If they’re going to live to 90, you have to make sure that they’ll have enough money in inflation-adjusted dollars.” Resetting your benefits is easiest way since it's like having an annuity that’s guaranteed for your lifetime and your spouse’s lifetime and has a cost-of-living adjustment included, he says.
Retirees are allowed to draw Social Security benefits at age 62. However, according to the Social Security Administration, “full retirement age” – when you’re eligible to receive full benefits – is 65 to 67. Until then, the Social Security Administration (SSA) will deduct $1 from the benefits you were to get for every $2 you earn above the annual wage limit, which is $14,160 in 2010.


PAYING IT BACK

* Husband and wife – he’s 68, she’s 62. He started collecting benefits at age 62.
* He’s now getting about $21,489 a year in Social Security payments. (She gets spousal benefits of $9,815 because she also collected at 62.)
* He withdraws at 68, waits two years, then reapplies at age 70.
* He repays $117,354 (which is tax deductible).
* At 70, his new yearly benefit amount comes to about $37,111, a more than 70% increase.
* This raises their sustainable spending (how much the couple can spend each year assuming he lives until 100) from $63,505 to $72,908, a 13.5% increase, according to Kotlikoff’s calculations.

Read more: Repaying Social Security Can Be a Good Deal - Personal Finance - Retirement - SmartMoney.com


http://www.smartmoney.com/personal-...al-security-can-be-a-good-deal/#ixzz0u5F3S49y


How good would this be , and can it really benifit the people under today's economy recession ?
 

cherryblossom

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This is b.s.

Anybody who can afford to pay back over a HUNDRED THOUSAND dollars in 8 years doesn't NEED the (later) $37, 000 benefit from SSI.

The whole aim of Social Security is for you to WORK, paying into it as long as you can and then DIE before you can collect it because you worked yourself to death.

This is why other types of retirement plans are so necessary.

Don't rely solely on SSI for your retirement or you will be cold and hungry.
 

$$RICH$$

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This is b.s.

Anybody who can afford to pay back over a HUNDRED THOUSAND dollars in 8 years doesn't NEED the (later) $37, 000 monthly benefit from SSI.

The whole aim of Social Security is for you to WORK, paying into it as long as you can and then DIE before you can collect it because you worked yourself to death.

This is why other types of retirement plans are so necessary.

Don't rely solely on SSI for your retirement or you will be cold and hungry.

I agree we don't really see this money anyway and will never collect it, if i can
retire at 62 i will and get whatever i can out of it before i depart this world

who really being fooled here ......why pay back what you already trying to get out !?
 

Kamau47

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Didn't I just read someplace that now they're asking us to work if we can past those retirement years?
Seems like the system is heading for a meltdown soon.
I am 53 yrs old. But I have been telling people I know that I fully don't expect for SS to be there for me when the time comes.
 

$$RICH$$

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yes they pushing the age up beyond what it was to retire but at 62 i'm done and will take that not so full
benifit because they know if we continue to work out the full term we won't live to see it !
beside the Country is near broke !!
 

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