Getting a Lump Sum Social Security Payment
Using a somewhat obscure Social Security rule it is possible, if you have passed your full retirement age (FRA), to get up to six months of benefits in a retroactive lump sum, which could be attractive to those in need of some substantial up-front cash. But, don’t be fooled into thinking there are no consequences for taking that lump-sum; there certainly are, and they are long-lasting. If you’ve passed your FRA you can get up to six months in benefits back to the month you reached FRA, but the benefit you get for the rest of your life will be less and the benefit your survivor would get will be less too. This Baxter Bulletin article by The Savvy Senior author Jim Miller explains how to get a retroactive lump sum Social Security payment, but also explains how that will affect your future benefits. Click here to read more.