How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16576
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Type Your Social Security Question Here...
Megan C is online now
A new question is answered every 9 seconds

I read on the internet that there is provision that will

Customer Question

i read on the internet that there is provision that will allow one to collect a one time lump sum check from Social Security for as much as $124,174......a resticted application that can boost ones income by $63,600-----Congress Clasified the bannin of these benefits as Closire of unintended loopholes.
Deadline May 1, 2016.... How ture is this?
Submitted: 1 year ago.
Category: Social Security
Expert:  Megan C replied 1 year ago.

Thank you for your question - my name is ***** ***** I will be happy to help you.

The restricted application/lump sum payment works like this: You apply for benefits at a particular point in time from age 62 on. You immediately suspend, or tell social security you don't want checks. Your benefit continues to grow as if you are not drawing, but later on if you run into an issue and need some money - you can request a lump sum be paid to you back to the date you filed your restricted application. This will no longer be available as of May 1 of this year. If you are already drawing benefits, you would not qualify - it's only for people filing for the first time. Some unscrupulous financial blogs will entice readers by promising or alluding that they can somehow get this large lump sum payment.

Please let me know if you need anything additional. If not, please rate positive.