To Consider Repaying and Reapplying for Higher Social Security

Once you have the program installed, set up two profiles -- the first based on continuing to do what you are now doing, the second assuming you'll repay and reapply. You simply enter a tax deductible special expense for this year equal to what you need to repay and then enter your higher benefit (on the Social Security screen) if you are going to start taking higher benefits immediately. Alternatively, by telling the program you aren't currently collecting, but will do so at a date you specify and also entering your past covered earnings history (from your benefit statement), the program will calculate your new higher benefit for you. The second profile can be copied from the first using the Save As command. Run the two and compare living standards.

The local Social Security office will tell you what you'll need to repay and what higher benefit you'll receive. Note that you need to repay all benefits, including spousal benefits, received on your earnings record. You also need to repay past received Social Security checks gross of Medicare Part B premium payments.