Social Security
My husband, M. whose birthday is in May and will be turning 70, called our local Social Security office, and they set him up with a phone call appointment. At that time, she asked if we wanted to take the full monthly check amount, or take a partial lump sum (as if he had signed up 6 months earlier), and receive a somewhat lower check amount per month. She explained that the payback on the lump sum, would take 15 years. We are leaning on taking the lump sum, as we are doing well with pensions and my social security payment. I am also 70, and took my social security, and will receive a higher check amount when he receives his social security. What do you think?
Terry Says
DO NOT DO THAT!!! It is a ripoff — and shocking that SS is promoting it. It means a lower lifetime check — AND a lower base for future inflation adjustments!
This is a bad tradeoff. You’ve waited this long. You should each wait until 70 and get the maximum check.
