An Extra $1,033 a Month from Social Security

About three weeks ago, I met with a 70-year-old retiree named Murray Roth. Murray has been taking advantage of a little-known opportunity that allows him to collect $1,033 in extra Social Security income every month.

Here's how it works...

As you probably know, you can begin collecting Social Security when you're 62 years old. But if you begin collecting when you're 62, you will get less money per month than if you wait to collect until you're 65 or even 70.

But thanks to this opportunity, you can start collecting Social Security benefits when you're first eligible, then restart your payments at a higher rate as you get older.

Essentially, it's a do-over strategy that gives you the best of both worlds: You get to collect benefits as soon as possible and your payments can get bigger – by as much as 75% – as you age.

To find out how the opportunity really works, I met Murray at a convenience store in a quiet, residential neighborhood. Murray and his wife opened the store back in 1951, shortly after getting married.

About eight years ago, Murray had a heart attack. He stopped working, started collecting Social Security, and passed the store on to his son. But even though Murray had saved all his life, the $1,377 Social Security check he received each month simply wasn't enough to maintain a decent standard of living. So last year, when he read about this opportunity in a financial planning journal, he walked into the local Social Security office to find out more.

"Nobody knew anything about it," Murray said. "It was just like talking Greek."

The lady at the Social Security office told him she'd been working there for 35 years and had never come across this request. But after making some phone calls and speaking with a supervisor, she handed Murray a one-page form.

"All I did was fill out a form," Murray said. "It was over in 15 minutes."

The form Murray filled out essentially canceled his current benefits. And because the Roth's were in the right financial position to best take advantage of this strategy, the SSA restared their benefits at a higher rate. Within a few weeks, Murray and his wife began receiving $1,033 more in their monthly Social Security checks, for a total of $2,410.

In other words, the Roths boosted their Social Security payments by 75% simply by filling out a simple form and meeting a few additional financial requirements. "It's free money from the government," Murray said. "Anybody who can do it should go for it!"

The best part about this deal is, all you have to do is ask. I called the Social Security Administration to find out if this strategy is legitimate. The spokesperson I talked to said it's perfectly legal. In fact, the government can't deny anyone the income boost.

If you're 62 or older and collecting Social Security right now, this could easily boost your monthly payments by 50% to 75%.

For more information, you can visit the Social Security website at www.ssa.gov.

Good investing,