Accepting SSA back pay moves your official start date back six months, permanently erasing delayed retirement credits worth 8% per year.
A $12,480 lump sum cuts monthly checks by $80 forever, taking 13 years just to break even.
The lump sum counts as Social Security income, potentially making up to 85% taxable and triggering higher Medicare Part B premiums.
The biggest 401k decisions tend to get made once and never revisited: when to roll it over, what to hold inside it, and when to start taking money out. That is exactly what the report: 401k & IRA Tips and Answers was created to address, and it is free today. Read more here. (Sponsor)
Picture a example retiree, a composite with a full retirement age of 67, who delayed her Social Security claim until age 68. Partway through the application, she gets an offer that sounds like found money: the Social Security Administration can pay her six months of benefits she never collected, all at once.
#start #Retirement
A $12,480 lump sum cuts monthly checks by $80 forever, taking 13 years just to break even.
The lump sum counts as Social Security income, potentially making up to 85% taxable and triggering higher Medicare Part B premiums.
The biggest 401k decisions tend to get made once and never revisited: when to roll it over, what to hold inside it, and when to start taking money out. That is exactly what the report: 401k & IRA Tips and Answers was created to address, and it is free today. Read more here. (Sponsor)
Picture a example retiree, a composite with a full retirement age of 67, who delayed her Social Security claim until age 68. Partway through the application, she gets an offer that sounds like found money: the Social Security Administration can pay her six months of benefits she never collected, all at once.
#start #Retirement
19 hours ago
