No More Social Security Loopholes

Social security benefits have always been a way for federal employees to squeeze some extra undeserved money from the government. Retirees for decades now have been able to get handsome amounts (up to tens of thousands of dollars) and there were two very special tactics employed in this regard. “Claim benefits now, claim some more later” was the phrase associated in this regard and even though it might sound really illegal, it’s perfectly legal to benefit from, even though it’s not completely justifiable.

Social security now secure!

It had to end; we all knew that and tragically we all feared it too. Congress has already made sure that the required eliminations of these techniques made by inculcating them in the federal budget bill that got released during the month of October.

Married couples (both of the participants were employees) used to benefit the most from these social security loopholes. A lot of the employees might have been relying on these techniques for the later years of their life and this is now going to give them some food for thought; they might have to make some readjustments. This might instigate a need to find other sources of money (and soon too) because this scheme is no longer going to win them some easy money.

Having said that, there is still a rudimentary tenet for the time to actually claim your claims. People that are enjoying good health and are also nearing their retirement are still liable to wait as long as they possibly can to make collections and especially if they have a spouse that earns higher than them. This waiting can mean huge pay-offs and can be considered a gimmick to make some extra money. As an example, if you wait till 70 to collect, you will be able to get around 76 percent more money than what you would normally get.