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If you are in a position to receive Social Security and don’t need it to pay for your living expenses, then you can use it to make money.
If you receive $30,000 in Social Security that means you will take home around $20,000. You can take that $20,000 and purchase a second-to-die universal life insurance policy, which is guaranteed forever. Those premiums would buy a policy of about $1.5 million, all of which would be income and estate tax-free. However, it must be created inside a properly structured life insurance trust.
We can also show you how to use Social Security for charity giving.