Social Security’s ‘Lump Sum’ Option: Why Taking a Check Now Could Cost You Later

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Johnson / Money Talks News

If you wait past your full retirement age to claim Social Security and maximize your monthly payout, you’ll be presented (either in the office or online) with a tempting option when you finally do claim: Would you like a retroactive lump sum payment? It sounds like a signing bonus. Depending on your benefit amount, the government could write you a check for $10,000, $15,000 or even $20,000…

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