During this economic recession there is a way to increase your income. If you have chosen to receive your Social Security prior to age seventy you can raise your sustainable living standards. Using form 521 repay all the Social Security you have received in the past then reapply for higher benefits. You are required to pay your gross benefits before the amount deducted for Medicare Part B premiums. But the good news is that no interest is charged on the repayment and it is tax deductible. If you are close to seventy and have retired early this can make quite a difference. To calculate how much you would gain from this go to www.esplanner.com for a downloadable program.

Please note that it is important that you do this as soon as possible. The Social Security Administration is considering eliminating this provision because they view it as a loophole.

So if you can, act quickly to take advantage of this opportunity.

Be aware that if you visit your local Social Security office and are told there is no option to repay or to reapply until after seventy this is not true. You may choose to repay or to reapply at any age. If your local office gets this wrong, have them call Social Security’s Office of the Actuary. The Social Security system is so complex that it is easy to get different answers to the same questions.

If you have any questions or are considering filing bankruptcy please feel free to contact me. Kevin D. Heupel, Colorado Bankruptcy lawyer, 303-955-7570, COBankruptcyHelpEmail, free-consultation form. I will answer your questions without obligation. Remember, I am here to help.