Social Security Request to Have Benefits Continued
- Finance
- Watchlists
- My Portfolio
- Cryptocurrencies
- Yahoo Finance Plus
- Screeners
- Markets
- Options: Highest Open Interest
- Options: Highest Implied Volatility
-
- News
- Personal Finance
- Videos
- Influencers with Andy Serwer
- America: Back in Business
-
- Yahoo U
- Industries
- Tech
- Contact Us
-
S&P 500
-
Dow 30
-
Nasdaq
-
Russell 2000
-
Crude Oil
-
Gold
-
Silver
-
EUR/USD
-
10-Yr Bond
-
GBP/USD
-
USD/JPY
-
BTC-USD
-
CMC Crypto 200
-
FTSE 100
-
Nikkei 225
Social Security: How To Request Retroactive Payments If You Started Collecting After Your Full Retirement Age
If you decided to wait until full retirement age to begin collecting Social Security, you can request retroactive payments that are typically delivered via a one-time, lump-sum payment when you file for your retirement benefits. This might not be the best strategy, however.
See: Can I Draw Social Security At 62 and Still Work Full Time?
Social Security: New Bill Could Give Seniors an Extra $2,400 a Year
The maximum that the Social Security Administration offers is six months' worth of retroactive payments in the lump-sum payment. By taking the so-called "delayed retirement credit," your retirement date and the amount of your monthly benefit are rolled back six months, according to Aubrey Carew Sizer, principal attorney at The Law Office of Aubrey Carew Sizer PLLC, a Northern Virginia law firm.
To request a delayed retirement credit, just let the SSA know when you sign up for retirement benefits. In some cases, the SSA might even offer the lump-sum payment when you file for your retirement benefits, according to the Social Security Intelligence website.
On its own website, the SSA said it cannot pay retroactive benefits for any month before you reached full retirement age, or for more than six months in the past. If you retire before age 70, some of your delayed retirement credits will not be applied until the January after you start receiving benefits. The full retirement age is 66 for those born between 1943 and 1954. After that, you add two months for every year up to 1960, when the full retirement age becomes 67.
Take Our Poll: Do You Think You Will Be Able To Retire at Age 65?
If you reach your full retirement age in June, for example, you might decide to wait until your 69th birthday to start your retirement benefits. In this case, your initial benefit amount will reflect delayed retirement credits earned from your full retirement age through the year before your 69th birthday. In January of the following calendar year, your benefit will increase for the credits earned in the year of your 69th birthday.
The SSA's Online Calculator can provide an estimate with all credits applied for comparison purposes.
If you do take the lump-sum payment, you will lose the delayed credits that you had accumulated over the previous six months, Sizer wrote on her website. This means your monthly benefit will be lower than if you didn't take the lump sum — and that lower benefit will last for as long as you collect Social Security.
As Sizer noted, your decision on whether to take the lump-sum payment depends on factors such as your life expectancy, your spouse's needs and what you will do with the new money.
Taking the payment makes more sense if your life expectancy is shorter. But if you're married and are the higher earner, you will need to consider your spouse's needs. If you die and your spouse has a longer life expectancy, it's better to forego the lump-sum payment so they will receive a higher monthly benefit.
On the other hand, if you need a big infusion of cash to pay down a debt, the lump-sum payment might make sense.
More From GOBankingRates
-
5 Affordable Places To Retire Near the Beach
-
See Our List: 100 Most Influential Money Experts
-
7 Surprisingly Easy Ways To Reach Your Retirement Goals
-
37 Life Hacks That Will Save You Money
This article originally appeared on GOBankingRates.com: Social Security: How To Request Retroactive Payments If You Started Collecting After Your Full Retirement Age
-
-
AdReality TV Shows That Are Completely Fake
Fake Reality Shows That People Believed Were Real
-
-
Ad15 Vehicles That Can Run Forever
These Cars Have No Problem Getting Past 250,000 Miles - Is Yours on the List?
-
Tesla Stock Is Down 50% From Its High. Time to Buy?
Investors were surprised by the big rally in the stock market on Thursday, but Friday brought another dose of reality and disappointment. After having posted monumental gains despite high readings on inflation, the Nasdaq Composite (NASDAQINDEX: ^IXIC) closed at its worst level of the year, and the S&P 500 (SNPINDEX: ^GSPC) and Dow Jones Industrial Average (DJINDICES: ^DJI) gave up most of their advances from earlier in the week. One of the biggest stock stories of the past several years has been Tesla (NASDAQ: TSLA).
-
Ad12 Foods You Can Eat a Lot of Without Getting Fat
List Of Healthy Foods You Can Eat Without Gaining Any Weight
-
These are the types of companies Warren Buffett says you should invest in during times of high inflation
MarketWatch Picks has highlighted these products and services because we think readers will find them useful; the MarketWatch News staff is not involved in creating this content. And at a 2009 shareholder meeting, Buffett noted that the first best thing you can do to protect against inflation is to invest in yourself and your skills: "If you're the best teacher, if you're the best surgeon, if you're the best lawyer, you will get your share of the national economic pie regardless of the value of whatever the currency may be," he said.
-
The Stock Market's Rebound Fizzled Again. Why a Real Bottom Could Form Soon.
Investors seemingly can't stop trying to pick a stock market bottom, no matter how bad the news—and it continues to backfire. Consider: This past Thursday, September's consumer inflation report came in much hotter than expected, with the core CPI hitting a 40-year high. The initial response was exactly what you'd expect—the traded down as much as 2.4%—but then it started rallying…and rallying.
-
NIO Inc. stock performance and analyst projections
NIO Inc. stock is trending on the Yahoo Finance Platform. Here is a visualization of $NIO performance over time, how that performance compares to the wider industry, and analyst projections for the current quarter.
-
-
Why Tesla Stock Was Falling This Afternoon
Shares of Tesla (NASDAQ: TSLA) were initially trading higher at the market open on Friday before market traders turned their attention back to the economy, which sent most stocks down today. As of 12:42 p.m. ET, the stock was trading down 5.4%, while the Nasdaq Composite was down 2.3%. The sell-off comes after another analyst issued a positive note on Tesla ahead of next week's third-quarter earnings report.
-
Why Rivian's Shares Fell 7.5% on Friday
Shares of electric vehicle (EV) manufacturer Rivian (NASDAQ: RIVN) sank in Friday morning trading. At that time, the tech-heavy Nasdaq Composite was down by 2.3%. A number of factors were working against Rivian's shares.
-
AdFunny Images That Show How Small Things Are
These captivating photographs capture the unexpected scale of things in the physical world and elsewhere
-
There's no rush to buy I-bonds
This week's worse-than-expected inflation report led to turmoil in more than one market, but you only read about one of them. What got far less attention was the flurry of excitement that the inflation report caused in the normally-staid I-bond market.
-
2 Dividend Stocks Under $10 With at Least 10% Dividend Yield
Making investments pay out for the long term is the true challenge in today's market environment. The series of headwinds piling up – from persistently high inflation to rising interest rates to slowing demand to bureaucratic bloat – are rising to hurricane force, and renewing investors' attention to defensive stocks. It's only logical. The classic defensive stock, the dividend payer, ensures an income stream no matter how the markets move, and if the yield is high enough, these stocks can also
-
Time to Bottom Fish? 3 'Strong Buy' Stocks That Are Down Over 40% This Year
Everyone is hoping the market might be bottoming and by the recent actions of Bank of America clients, some evidently think the lows must be in sight. Last week, BofA customers splashed out $6.1 billion on US stocks, in what amounted to the third largest inflow since 2008. While the bank has stated it is not as confident the bottom is quite so close, it's not hard to see why investors feel the time is right to lean into equities. The widespread losses have left scores of beaten-down stocks looki
-
AdAirports Tell Passengers To Always Carry This
Even if you believe you have your airport routine down to a science, you may want to take into account some practical advice and methods.
-
Why Nio Stock Dropped Again Today
Nio (NYSE: NIO) stock has tanked more than 40% in the last month, far outpacing the approximately 14% decline in the S&P 500 index. Nio shares continue to slide today, down 2.5% as of 11:25 a.m. ET. Nio doesn't yet do business in the U.S., but the prospect for the Federal Reserve to have to raise rates even more than hoped has global implications.
-
Source: https://finance.yahoo.com/news/social-security-request-retroactive-payments-141226069.html
0 Response to "Social Security Request to Have Benefits Continued"
Post a Comment