Could You Raise Your Social Security Income By $1000 A Month?

August 2, 2010 at 11:55 pm in News, Work & Money by Rose Greene, CFP

The recent discussion on this board about Social Security lead me to wanting to share an article I recently published:  retirees could dramatically increase their Social Security checks by reapplying for Social Security benefits.

It’s entirely legal; it was an opportunity that had lay unnoticed for years. It was soon discussed on National Public Radio and PBS, and in USA Today and a number of in financial magazines. Let’s discuss it here.

Hit “restart” and reset your RIB. Everyone eventually applies for Social Security, but few people reapply – and that’s the key to this strategy, which can potentially bring retired couples $1,000 or more in additional RIB (retirement income benefits). It’s called “restarting the Social Security clock”. If you are in good health and have retired within the last few years, it is a move worth considering.

You can start collecting Social Security benefits when you’re first eligible, and then restart your payments at a higher rate later. You simply file Form SSA-521 ( to request a withdrawal of your Social Security application. After the SSA processes that form, you reapply for Social Security – and since you are older now than when you first applied, this time you will receive much higher payments.

Read on: