Social Security is Withholding Income From Seniors at Worst Possible Time
Maurie Backman explains how retroactive benefits work. Someone must be beyond full retirement age to request six months retroactive benefits should they decide they really need a lump sum. Of course the benefits adjust to the lower monthly rate, rather then the rate paid for waiting beyond full retirement age. This piece highlights the fact the Social Security Administration now has less in-person manpower available to deal with those claims. Local offices have been closed to the public since March — a move designed to protect employees and vulnerable seniors most likely to visit them. With fewer staff members equipped to deal with retroactive benefit claims, seniors who want those lump sums may, unfortunately, need to wait in line to get them. Backman’s full article is here.