Quote:
Originally Posted by gryoung
Sounds attractive but consider the downside. You withdraw you SS application, pay back SSA $75-$100K in benefits received over 8 years, and then you pass three months later. There's no refund to your survivors or your estate. Has it happened, yup!
George
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The other side of that is that if you live another 20 years, you've given yourself a 50% raise for all of those years. If one starts collecting at 62 ($1600/mo), in 20 years he will have collected $384,000. If he pays back what he has collected in the first 4 years, and at age 66 starts collecting $2400/mo, he will have collected $460,800 after 20 years, a 20% increase. Also, once you start collecting at the higher amount, if you die I believe your spouse continues to collect the higher amount. And, if you dont need the money you are collecting from age 62 to 66, you can invest it and keep any interest or capital gain you make on it. Essentially the government is giving you an interest free loan for 4 years.