For many people, the only source of income after retirement is social security retirement benefits. There are several unusual ways in which the needy can claim social security income benefits that are detailed below.
- Two-Claim Tactic: This is a method that will work only for couples who are both employed. It involves one partner requesting spousal benefits at retirement while another remains working. This will mean one spouse will continue to amass higher retirement benefit credits which will come handy later on.
- Delayed Retirement Credits: Waiting to apply for Social Security can be a great way to accumulate retirement credits. This is possible because benefits do not cap out after an individual reaches full retirement age. However, one should not wait past the age of 70 as benefits don’t increase after that point.
- Do the Math: Deciding whether to repay and reapply for Social Security benefits can be a complicated decision involving a lot of factors. However, carefully doing the math involved using financial planning software can help you make the right decision.
- “Do-Over” Payback Technique: This involves applying for benefits early on at the age of 62 and then repaying the amount later on. After repayment, one can reapply for a larger monthly benefit. This basically amounts to getting a zero-interest loan.
Congress is constantly working to reduce ways in which people lucratively claim social security, so these methods should be exploited while they are applicable. Consulting a social security disability federal lawyer service is a must in any case of social security disability.