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My usual check

April 29th, 2010 at 02:39 pm

I got my usual monthly check deposited to my checking account yesterday and as always, I am adding it to my challenge money.
I chose to take social security payments as early as I could, but i have never spent one penny of these checks. I save them all.

Did you know you can take social security early and when you turn 70, you can pay it all back to the s.s.admin. and get the higher pay out. You don't owe them a penny more than they paid you. You pay no penalty or interest. The interest you make on the money is yours to keep. Sounds like a pretty good deal if you think you will live a long time.

I don't come from a family of long lived people. My father died at age 55. My sister died at age 59. My mother got cancer at age 55, but recovered and lived til age 70, when she died of a recurring cancer.

Prev. total $8529.00
today 486.00
new total $9015.00

Posted in $20 Challenge | 2 Comments »

2 Responses to “My usual check”

  1. creditcardfree Says:
    April 29th, 2010 at 03:14 pm 1272554055
    1272554055

    I have never heard about that social security rule. Let us know when how it works out for you when you turn 70...if we are all still around here!Smile

  2. creditcardfree Says:
    April 29th, 2010 at 04:29 pm 1272558541
    1272558541

    Julie you already know about the payback option, but for other's reading the blog today
    Text is here and Link is http://bulletin.aarp.org/yourmoney/socialsecurity/articles/paying_back_social.html
    here is an article about it.

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