A Free Loan From Social Security

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i like to borrow some money from social security please if is possible because i need for personal loan thanks

erika kozarova of AL 12:20PM February 01, 2011

understanding data capacity substantial

haylecrock of FL 6:43PM March 13, 2010

+1

soundtracks of AL 5:59AM July 17, 2009

If you have to do it, you might as well do it right.

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i took 7 soma pills of UT 5:15AM July 04, 2009

"You could invest poorly and loose the money." I think you mean lose...

Kate S of IL 3:52PM March 20, 2009

Nancy has the exact points I would raise. Instead of a free loan, why not simply delay your social security. Obviously, if you die before the payback period, you would made a mistake, but financial planning should be based on the cash flow you need. Getting the money early requires a lot of money management and all of the issues Nancy raised. However, I disagree with the need to match the increases in value in ss benefits over the 8 years between 62 and 70. You just need to return what you received. Unfortunately, if you are paying income tax on 85% of the benefit, you will need a good rate of return. It sounds a lot more risky than simply delaying the receipt of your benefits.

Marvin Brook of CA 1:42PM March 20, 2009

It would work if you could equal the COLA's, delayed retirement credits and automatic age-generated recomputations built into the payment calculation. You would also have to pay federal/state/local income taxes on up to 85% of the benefits received (depending on income and marital status.)
And, if you continue to work, you must continue to pay FICA taxes (no deductions permitted.) Then, after that, all you have to do is get a return on your "loan" equal to or greater than those automatic increments on every single investment you make. Over all, the effect of long-term entitlement is to produce benefits higher than the book benefit for a particular age. The key thing, of course, is not to die. And, that is one factor that is completely unpredictable on an individual basis.

Nancy Ortiz of GA 4:42PM March 19, 2009

You missed one point: For those who retire before the full retirement age (66 at present)and earn income over $13,560, $1 is withheld for every $2 earned over that limit: http://www.ssa.gov/pubs/10003.html

KSC of MD 11:24AM March 19, 2009