Insights on receiving SS lump-sum

[donquixote99]

You never have to take Social Security. But increases in your entitlement for waiting, called 'delayed retirement credits,' stop at age 70. After that, it's simply 'use it or lose it,' every month.

Your entitlement can still go up after that, but only if you are still working and making good enough money.

[donquixote99]

Originally Posted by barbara

I've never heard of a couple getting 150%. Although, the rest of your post is accurate.

One spouse or both will likely trigger a reduction by starting getting payments below 'full retirement age." But yes, the basic idea is Spouse A gets 100%, Spouse B gets 50%, or their own, whichever is greater.

for a bunch more detail, see http://moneyover55.about.com/od/soci...usebenefit.htm

[donquixote99]

BTW, here's a summary of the OP (remember the OP?)

1. You can get up to six months of benefits as a lump sum, if you file for benefits up to six months after your FRA (Full Retirement Age), and ask for the benefits starting at your FRA. Your other option is to get an increased monthly amount, but no back-benefits.

2. You can get up to five years or so of benefits as a lump sum by first filing at your FRA, then suspending benefits, and then asking for all your benefits from your FRA to age 70 when you reach age 70. If you do this, you get the big lump sum, but your benefit going forward is the amount you'd have gotten if you'd started at your FRA, without any credit for waiting until age 70. This is a strategy that will make sense only under certain circumstances.

[barbara]

Originally Posted by donquixote99

One spouse or both will likely trigger a reduction by starting getting payments below 'full retirement age." But yes, the basic idea is Spouse A gets 100%, Spouse B gets 50%, or their own, whichever is greater.



for a bunch more detail, see http://moneyover55.about.com/od/soci...usebenefit.htm

Yes, that's right. I mis understood your previous post.

I've worked with the elderly for nearly twenty years and, it is not unusual for a struggling couple to divorce legally, but stay together, so they can each get their full SS benefit.

[JJIII]

Originally Posted by barbara

Yes, that's right. I mis understood your previous post.

I've worked with the elderly for nearly twenty years and, it is not unusual for a struggling couple to divorce legally, but stay together, so they can each get their full SS benefit.

"What a country!"

[donquixote99]

Originally Posted by barbara

Yes, that's right. I mis understood your previous post.

I've worked with the elderly for nearly twenty years and, it is not unusual for a struggling couple to divorce legally, but stay together, so they can each get their full SS benefit.

I must be missing something. If 'their full SS benefit' is greater than the 50% spousal benefit, that's what they get without divorcing, isn't it?

[bobabode]

Originally Posted by JJIII

"What a country!"

Drinkin' vodka eh?

[barbara]

Originally Posted by donquixote99

I must be missing something. If 'their full SS benefit' is greater than the 50% spousal benefit, that's what they get without divorcing, isn't it?

Uhhhh..... I'm sorry donquixote.... My thinking is fuzzy. Am trying to keep up with this thread while getting my treatment. Not doing so well with heavy thinking right now.

I'll have to stick to lighter topics til I can pull myself together more.

[bobabode]

Originally Posted by barbara

Uhhhh..... I'm sorry donquixote.... My thinking is fuzzy. Am trying to keep up with this thread while getting my treatment. Not doing so well with heavy thinking right now.

I'll have to stick to lighter topics til I can pull myself together more.

Healing vibes headed your way Barbara. Try the rum cake if you head over to a dispensary. Good stuff or so my sis in law tells me.

[Boreas]

Originally Posted by barbara

Uhhhh..... I'm sorry donquixote.... My thinking is fuzzy. Am trying to keep up with this thread while getting my treatment. Not doing so well with heavy thinking right now.

I'll have to stick to lighter topics til I can pull myself together more.

Good luck, Barbara. Hope it all goes well.

John