The Social Security Buy-Back Program

For many people who retired early and elected to receive their Social Security benefits when they were eligible at age 62, there is an option whereby they can refile for benefits at an older age and receive a higher monthly benefit amount. There is a catch, however. In order to refile for a larger monthly benefit, your client will have to pay back all of the benefits he has received to date. To take advantage of this technique, advise your clients to contact their local Social Security office, which can determine the amount of repayment that is needed and recalculate their new monthly benefit. Their funds must clear prior to receiving the higher benefit amount, and it may take a few weeks to process the paperwork.