If It Sounds Too Good To Be True ...

Take a look at this website that promises that "You could add up to $1,033 PER MONTH to your Social Security paychecks, thanks to a little-known loophole used by only 230 Americans last year." This is from "Olivia Martin, Sr. Researcher, S&A Investment Research" who "interviewed a West Virginia man who has taken advantage of this situation... a spokesperson at Social Security Administration (SSA) Headquarters outside of Washington, DC... and a Boston University Social Security expert, who has testified before Congress 16 times." The ellipses are in the original. The website goes on to tell us "And remember: All you have to do is ask. The Social Security Administration can't deny you, no matter how long you've been collecting already, or what your age." Eventually, the website leads to an offer of a subscription to "Dr. Steve Sjuggerud's True Wealth Investment Advisory."

The deal is that someone noticed that it is possible to withdraw a claim for retirement benefits and then refile a new claim. Since retirement benefits go up the older you are when you go on benefits, you receive a higher monthly benefit amount on the new claim. Sounds wonderful, doesn't it? Just one little catch. When you withdraw your earlier claim for retirement benefits, you have to pay back all the Social Security retirement benefits you have already received. How many people on Social Security retirement benefits are able and willing to do that? Probably a lot fewer than are foolish enough to pay "Dr. Steve Sjuggerud" for his "True Wealth Investment Advisory."

I have already received a message from a client asking about this. This has the potential to create unnecessary business for Social Security. There may be many people who will be angered when their delusions smash up against harsh reality.