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CashNetUSA is guaranteed low-cost loan applications that are 100% faxless. Their online application guarantees visitors emergency cash needs are met around the clock with their instant approval process. - Highest customer satisfaction rates in our industry One word of caution: Although this strategy can work well if you are already collecting benefits and like the idea of starting over at a higher monthly rate, it's riskier to plan to collect reduced benefits now with the intention of repaying them later. For one thing, you might not live long enough to take advantage of the repayment strategy. In that case, your spouse would be left with a reduced survivor benefit. Plus, there's no guarantee that Congress won't tinker with the provision when it eventually turns its attention to Social Security reform. John Greaney, who started the Retire Early Web site (www.retireearlyhomepage.com ), says that members of his online community were aware of the repayment strategy but treated it as an urban legend. When Greaney took the time to research it last summer, he realized that it was an even better deal than he had first thought. That's because when you repay your Social Security benefits, you can claim either an itemized deduction or a tax credit (whichever results in bigger savings to you) for the taxes you paid on your benefits in previous years. The calculations are complicated, but you can get all the details in IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits, at www.irs.gov .
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