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Retroactive Social Security Benefits…Can You Back It Up?

Retroactive Social Security Benefits

Many Americans rely on Social Security in retirement but navigating the system can be overwhelming and hard to understand.  Social Security is full of special benefits you can apply for depending on your needs and life situation. One of those benefits we often get questions on is how can I take my retroactive benefits out?

Retroactive benefits allow people who have missed their planned Social Security filing date to push back their retirement by up to six months. These benefits consist of a one-time payment that the Social Security Administration will send you when you delay filing for benefits beyond your full retirement age (FRA).

Whether you have a retirement date approaching, you have recently lost a job or had to stop working earlier than expected, no matter your situation, you don’t need to navigate through Social Security alone.  Options such as retroactive Social Security benefits may or may not be the right option for your personal financial situation. 

It can be important to consult with a Wealth Advisor when you are deciding to activate your social security benefits so you can be sure you are getting the most out of your Social Security.  Call our office at 504-832-9200 to schedule a visit so we can help you navigate through your Social Security decisions.

Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Gregory Ricks & Associates are not affiliated companies. Talk to your financial professional and your tax advisor about how Social Security benefits can fit into a complete retirement income strategy. Our firm is not affiliated with the US government or any governmental agency. 00310623

Sources:

https://www.fool.com/retirement/2018/09/09/how-do-social-security-retroactive-benefits-work.aspx?Cid=f16YEi

https://www.investmentnews.com/article/20190319/BLOG05/190319927/choosing-between-a-retroactive-lump-sum-and-a-bigger-monthly-social

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