(Mid-America Pension Rights Project): Should Clients Take a Lump-Sum Social Security Payment?

Via ThinkAdvisor
By Ginger Szala

Advice from many experts today is that people should delay claiming their Social Security benefits for as long as possible, or until age 70, when they have to claim them. But what do advisors tell clients who have delayed taking Social Security even after reaching full retirement age (FRA), and when they make the claim, the government offers them a lump-sum retroactive payment up to six months? Should they take it or not, and what’s the downside, if there is one?

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