That's just the beginning. Did you know there's also a weird little loophole that lets you get a one-year, interest-free loan from the Social Security Administration?

The above statement came from another website called Motley Fool. Is it really true. I am moving to central california in a month and need a loan to even move up there but my loan comes with an interest rate of 11.90% which will keep me broke for the rest of my life even with HUD housing. Can I really get a loan from social security with no interest for one year?

Thank you.
Sharon

I am 63 and my wife is 59. We are healthy and plan to live for a long time. We both have the flexibility to continue working part-time as much as we want for as long as we want. We can start withdrawing from our IRAs anytime. We plan to wait until we turn 70 to start taking benefits but would it make sense for me to start taking benefits now and for her to start when she turns 62 and then reclaim when we turn 70? My understanding is that we would pay back the benefits we had received up to that point and begin receiving benefits at the higher rate based on claiming at 70.

I turn 66 (11/2016) my spouse turns 66 (3/2017). Our new strategy is for her to Claim SS when I turn 66 and I will file a restricted application taking 50% of her benefit then take mine at 70. My question is that the SSA states she has to pay back an amount earned under full retirement age (Cap $15,720) and year of full retirement age (Cap of $41,880). The fact that the year she turns 66 is 2017, does she need to wait until 2017 to file so as not to pay back any funds. Her yearly income is approx.. $25,000. Thanks, Greg

Hi, my wife and I keep our financial affairs completely separate, file separate tax returns and are not each other's beneficiaries in any way. I took Social Security at age 62 1/2 in 2009 with an initial monthly benefit of $1745. My monthly payment is now down to $1355. I will turn 70 this August. I have been told that if I return all my Social Security payments up to age 70, with no added interest or penalties, I can restart with maximum age 70 benefits. Question: is this correct?

Hi Larry, how do I stop receiving payments, repay what I have already received. This will allow me to begin taking payments at a later date that is better for me tax wise. Thanks, Allen

Hi Allen, if you're still within 12 months of beginning your benefits, then you can withdraw your application and repay all benefits received as a results of your application, including any auxiliary benefits others may have received. Thanks, John