Just last month, I posted an explanation of how repaying Social Security can offer an amazing annuity deal for individuals near age 70. Now this great deal may be going away soon, according to this Kiplinger article.
Quick summary: If you started collecting SS benefits before age 70, and are now between the ages of about 65 and 72, then repaying the Social Security benefits you’ve already received and re-applying for benefits at the higher level you’re now eligible for can offer a tremendous deal. Doing this is–for all practical purposes–the same as buying a lifetime, inflation-adjusted annuity. Except that buying this product through Social Security can return up to 50% more in monthly income than the identical product on the commercial market. Of course, results will vary based on your age and other factors, but you can quickly determine how much you’ll benefit from this option by visiting my Social Security Repayment Calculator.