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I just looked at my bank deposits, and there is a HUGE

deposit from: ***** I...
I just looked at my bank deposits, and there is a HUGE deposit from: ***** I just applied recently for benefits, because I will turn 70 on Dec. 10. What is this HUGE deposit from and will that impede my getting my monthly payments, upon turning 70.
JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else the Retirement Accountant should be aware of?
Customer: No. Is someone answering this question?
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Answered in 2 minutes by:
11/20/2017
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 13,007
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Hi. My name's Lane -

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this.

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One very good possibility is that you didn't specify the start date on your application (this is done in the remarks section of the application).

...

THe system is set up to give you all the benefits to which you are entitled. And and since you are already past Full Retirement Age, the system, again if you didn't specify a start date, could be paying you the last 6 months benefit (the longest they pay retroactive retirement benefits)

...

You can call, or call to set an appointment to go into a local office (best practice here), to change this by paying it all back and asking that the benefits be started with an effective date of your 70th birthday.

...

However, please note that this DOESN'T mean that you won't get regular benefits starting next month. What it DOES mean, if you simply do nothing and keep the money, is that your benefits going forward will be slightly less than they could , becasue you wouldn't have gotten that full last year's delayed retirement credit.

Ask Your Own Social Security Question

Again, the tradeoff is a slightly less payment going forward, but your benefits WILL continue monthly now.

...

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit" – That’s the only way I’ll be credited for the work.

I hope you’ll rate me based on my accuracy and thoroughness (as opposed to any good news/bad news content). Thank you!

...

But again, if you need more on this, please let me know.

Lane

Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 13,007
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified
Lane and 87 other Social Security Specialists are ready to help you
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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 13,007
13,007 Satisfied Customers
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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