Social Security Payback Option May Disappear

A proposed rule would eliminate the chance to hike benefits via the "do-over" strategy. It's not for everybody. But consider your options now.

A little-known strategy that allows Social Security recipients to boost their income by repaying benefits received in earlier years and then claiming a bigger monthly check based on their older age may soon disappear. Kiplinger's has learned that the Social Security Administration is moving to eliminate the so-called do-over strategy. If the agency gets its way, the new rule could take effect within a few months.

The payback strategy has been gaining attention in recent years, thanks in part to a series of articles by Kiplinger's that unveiled several ways of making the most of your Social Security benefits (see Secrets to Maximizing Social Security).

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Mary Beth Franklin
Former Senior Editor, Kiplinger's Personal Finance