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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 ...
But there’s a catch. As the AARP pointed out, collecting retroactive benefits might get you an immediate lump sum payment, but it can also cost you over the long run. That’s because you’ll ...
More than 3.2 million people will see increased Social Security benefits, under a new law. ... as well as retroactive lump sum payments for benefits payable for January 2024 and after.
Former President Biden, who signed off on the legislation, said at the time that more than 2 million Americans were slated to “receive a lump sum payment of thousands of dollars to make up for ...
Taking a lump sum payment of retroactive benefits has some notable advantages, including: You’d get the money now rather than receive it in small monthly chunks over a period of several years.
The regulation is projected to "result in a reduction of about 6,500 OASDI [Social Security] beneficiary awards per year and 4,000 SSI recipient awards per year on average over the period FY 2019-28, with a corresponding reduction of $4.6 billion in OASDI benefit payments and $0.8 billion in Federal SSI payments over the same period."