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Hi, my name is ***** ***** I can help. Unfortunately, Social Security does not offer an option to take your Social Security benefits as a lump sum like you could with a pension or other retirement plan.
The option to take a lump sum is available is for individuals that have reached their full retirement age and choose to continue to delay receiving benefits, which allows them to eventually get a higher benefit when they do start collecting. However, if you change your mind, you can apply and undo your decision to delay benefits and receive as a lump sum up to 12 months of benefits at once. Is this the situation you are referring to?
Where did you hear this?
The only Social Security lump sum payment I know of is the one-time death benefit. Do you have this announcement?
Social Security does not offer an option to exchange your monthly payments for a lump sum. In fact, you have no ownership interest in your future Social Security payments, as a future Congress may change Social Security benefits at any time with its total discretion. Social Security has always offered a lump sum death benefit, however.