A Little-Known Form Could Boost Your Income By Thousands
It’s no secret that Social Security income is one of the primary income sources of retirees around the country.
That’s why finding the Social Security loopholes that let you boost your benefits is one of the biggest keys to a successful retirement.
It’s also why I’m so excited to share this little-known form from the Social Security Administration with you.
Because although it could make a BIG difference in your retirement (one fellow I know of, John Beck, boosted his payments by about $1,000 per month)…
Almost nobody knows about it.
In fact, Mark Lassiter, a spokesman for the Social Security Administration, even said…
“It’s perfectly legal… [but] our service representatives can go an entire career and never encounter [this form].”
That’s why you’ve probably never heard of this way to dramatically boost your Social Security payouts…
Even most employees of the Social Security Administration have never heard of this!
But luckily, once you know how, boosting your monthly payouts by filling out this form couldn’t be easier.
Here, let me explain…
Form SSA-521: How It Works
It’s no secret that the longer you delay collecting your Social Security benefits, the higher the payouts will be.
Fifty years ago, it often didn’t make sense to delay collecting benefits. But today, that’s a different story. Thanks to dramatic improvements in the medical field, life expectancy is at all-time highs.
Your retirement will last much longer. And waiting to collect higher Social Security payouts can be critical in retirement.
But what if you’re already collecting benefits? Is it too late?
That’s where form SSA-521 comes in.
Form SSA-521 lets you withdraw your Social Security claim and re-apply at a future date.
That means if you’re already collecting benefits, you can stop collecting them and wait to reapply at a later date, when your benefits will be much higher.
Now, there are a few drawbacks. You can only apply for this within 12 months of initially beginning to collect benefits. And you DO have to repay all the benefits you’ve already collected.
Still, despite this, it’s worth considering filling out this form. An extra $1,000 (or more!) every month in benefits can make a BIG difference in your retirement.
If this makes sense in your situation, it could be the difference-maker.
Best of all, getting started couldn’t be easier.
Here’s How to Get Started
Like most government agencies, it’s nearly impossible to navigate the Social Security Administration’s website. Luckily, I’ve gone ahead and done the digging for you.
Right here you can find all of the information as well as the instructions needed to file: https://www.ssa.gov/planners/retire/withdrawal.html
Again, this is a big step. And it may not apply to everyone. But if it applies to you and makes sense in your situation, it may be one of the best decisions you’ll ever make.
Keep Your Eye Out…
I keep my boots on the ground every day, scouring the market for ways to grow your retirement income.
While filling out this form may temporarily set your retirement income back, it’ll pay off in spades a few years from now.
Here’s to growing your wealth,
Chief Income Expert, Mike Burnick’s Wealth Watch