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Ask Lane Your Own Question
Category: Social Security
Satisfied Customers: 12690
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'm 67 and thinking about getting my SS. I've been told that

Customer Question

I'm 67 and thinking about getting my SS. I've been told that I'll receive a check for the time that I haven't been draw money from 65 to now. Is that correct?
Submitted: 1 year ago.
Category: Social Security
Expert:  Lane replied 1 year ago.
Hi,...Yes, that's right...It does, however, come at a price....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. (and stay there forever)...You're giving up delayed retirement credits....Say you would have received $2,320 a month at 68. You opt for a lump sum worth six months of benefits. Your monthly lifetime benefit will be worth what you would have received at age 67 and 6 months, or $2,240. Your lump sum will be $13,440—six months of that $2,240 benefit. If you apply at age 66 and three months, the lump sum will be worth three months of benefits....
Expert:  Lane replied 1 year ago.
So, what it really comes down to is immediate gratification, vs having a higher benefit forever....If you have health problems and you think you may lnl;u have a year to live, it's a no brainer, take the lmp sum....If you think you'll have a longer life expectancy than average, every year you wait increases your payout all the way until life expectancy - and taking the lump sum locks you to that amount that would have been locked in 6 months ago (for the rest of your life)
Expert:  Lane replied 1 year ago.
... hope this helps you make the decision!...Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit”)…I receive no crediting at all unless you rate in this way....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, on three continents, since 1986
Expert:  Lane replied 1 year ago.
Hi, I’m just checking back in....Did my answer help?...Let me know…...Lane