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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 10515
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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I HAVE BEEN DRAWING SS 5 YEARS. CAN I GET A LUMP

Customer Question

I HAVE BEEN DRAWING SS FOR ABOUT 5 YEARS. CAN I GET A LUMP SUM YET
Submitted: 8 months ago.
Category: Social Security
Expert:  Lane replied 8 months ago.
Hi,...I'm so sorry, the scenario for getting a lump sum benefit under Social Security RETIREMENT (sometimes lump sums ARE awarded under a social Security DISABILITY claim, when it took some time for the claim to be awarded and recipient is awarded a lump sum for the amounts that would have been paid from the time of the claim) is for a similar reason (to equalize where benefits have been delayed)....For a lump sum under SS retirement, one must have been delaying benefits. It works like this:...'.If you delay applying for your benefit until after your full retirement age (66 for those applying now), you earn delayed retirement credits of 8% a year....When you finally apply, you can accept a monthly benefit that includes all the delayed credits. Or you can accept a lump sum worth six months of retroactive benefits—(but your monthly benefit will shrink to the amount you would have received if you had applied six months earlier.) You are giving up delayed retirement credits....Please let me know if you have questions...Lane..
Expert:  Lane replied 8 months ago.
I hope you’ll rate me (using those stars, or faces on your screen, by clicking submit) based on thoroughness and accuracy, rather than any good news / bad news content. That’s the only way I’ll be credited for the work here.…Thank you!Lane......I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986
Expert:  Lane replied 8 months ago.
Did you see my answer?
Expert:  Lane replied 8 months ago.
…Hi,...I’m just checking back in to see how things are going....Did my answer help?...Let me know…...ThanksLane…