Social Security Lump Sum Benefit Explained

If you're past your full retirement age, and you go to apply, they might say you can get the last 6 months in one lump sum check or start your social security retroactive and get less over time. Which option should you choose?
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[@TheMedicareFamily]

Let me know what you think about the video in the comments below! Get my FREE Cheat Sheet, Workshop, and other tools here: linktr.ee/medicare.mama

[@roadrunner9622]

She's absolutely right that sometimes you have to educate govt agencies about their own rules.

[@GregShieldsOutdoors]

appreciate all your info. I turn 62 this year and Im taking my benefits effective on my birthday. Been working for 44 years and Im taking the money. Thanks for all you do.

[@GrizzlyUrsusArctos]

I did. With disability. Took me 1 1/2 years for approval. I don’t regret it one bit. Tomorrow is never promised

[@randyconeley5790]

My full retirement is 67 I'm 64 years old male, but just wanted to tell you I really have enjoyed watching your videos you have taught me alot

[@sherrih6375]

Hello 1961... June, 1961 here. 😊

[@roadrunner9622]

Can you prove that?

[@tammystut]

I’m disabled and had to retire 7 years earlier than expected. Can you give advice on where I can continue to invest. I can no longer contribute to my 401K. I have 2 pensions and social security disability benefits that I live off of. I’m not using any of my money from my 401K. Any advice would be appreciated.

[@patrickjones1392]

Buy an index fund and forget about it.

[@waldenharvey1278]

Depends on when you want to use the money. You may want to consult with a financial advisor to determine the best strategy for your specific situation. One option to consider is a target date fund (5 yrs, 10 yrs from now or whatever), which typically holds a diversified mix of indexed stock and bond funds. The target date fund will automatically adjust its asset allocation to become more conservative as the target date approaches. A financial advisor can help you choose the right target date fund or other investment solutions tailored to your needs. Good luck!

[@tammystut]

I think I'll consider a target date fund since I don't plan on using the money for at least 10 years. Can you recommend a financial advisor who can help me make the right decision?

[@waldenharvey1278]

Yes sure! My CFA, Rebecca Dolva Watson, is an experienced, knowledgeable and independent expert. she works primarily with brokerages, allowing her to act as a fiduciary, and can provide the same level of expertise and objectivity to you.

[@waldenharvey1278]

look her up and thank me later

[@vib.3969]

I did it. It worked for me. Thanks for what you do

[@catherinewhitman8333]

Just love that our government has a right to negotiate OUR MONEY DUE TO US! 🥴

[@Lifestylejourneysafter50]

Which is why we always want less government...

[@Singlesix6]

There is no negotiation. You simply have options on how and when to get the money.

[@catherinewhitman8333]

@@Singlesix6 not really..we should decide when to retire and we should all get the same amount of money within our own retirement whether we choose to retire at 62,63,64,65,....

[@roadrunner9622]

It's not "your money."

[@guzzi95]

I would base this on how well you are doing Health Wise. If you are in Great shape and can afford it, wait. If you aren't then sign up. The key is to get out of Debt first, so living off of your savings and S.S. isn't as bad.

[@paulmackie5622]

good helpful info

[@ranep548]

The 2.5% COLA for 2025 provides a modest increase in benefits for Americans receiving Social Security and SSI payments, helping to offset the rising cost of living and inflation. This increase offers essential financial relief for vulnerable populations like retirees. But on the contrary, the avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?

[@rogerwheelers4322]

It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time. Individuals can seek counsel from a certified financial advisor to optimise financial outcomes, who can provide specialised advice and methods to decrease expenses and maximise income.

[@joshbarney114]

I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.

[@FabioOdelega876]

I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.

[@joshbarney114]

‘’Marisa Michelle Litwinsky’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@FabioOdelega876]

Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.

[@dozn1111]

Thank you

[@michael.ogrady1719]

1/29/25 My 2 cents: If SS wants to offer a Lump Sum, then they may be interested in removing the cap on earnings after you start taking SS. The cap is presently $22,500 I believe. So my suggestion to "fix" SS is to remove the cap and allow working Americans to start taking SS at age 60 anf then continue working until their FRA. Granted they would make less money from SS over their lifespan, but the offer to allow them to keep working till FRA means they have a steady paycheck that STILL pays money into SS, and get their SS Checks almost like they were Annual Company bonuses. With the extra money they can max out their 401K, dump some excess into a Roth and then pay down debt. In my case that would equate to "losing" money in SS but gaining MORE in my 401K growth and Roth IRA growth (estimated at 7%). As for paying down debt. that is the absolute BEST THING all American retirees should do - BE DEBT FREE.

[@timm2845]

So just take it early and get it sooner da!!!!!!!

[@52CA]

That sounds like a deal. If they only back you up 6mos on the calculation that’s not going to be all that much less. I like that option.

[@KathyIngram-iz5kl]

Im 67

[@pursedelighted]

I was b orn in 1958 and trying to figure out my full retirement age.doses anyone know

[@TheMedicareFamily]

free cheat sheet, link in bio and it will show you

[@papab8446]

Here is a question. 21…..

[@SM-zw7vw]

I’m 65 waiting for my age 66 1/2 then applying for SS , with lump sum, then I would receive from 66 not 66 1/2 am I correct

[@kathyaclaude4966]

❤❤❤

[@KathyIngram-iz5kl]

Um at mine

[@astatine0085]

Giving you the money that they stole from you is not a deal. They stole it and earned the interest for the last 40 years of your working career instead of you earning the interest or investing it however you could’ve invested it so no this is not a deal. Let’s be clear

[@Singlesix6]

Most people would have spent all of that money if it had been in their paychecks for 40 years. Then they would have nothing and would have earned NO interest. A few people would have saved some of the their paychecks. Or they think they would have saved some of it.

[@shellykaniaupio6007]

Thank you