Dear Savvy Senior,

I’ve read that the Social Security Administration offers a lump-sum payment to new retirees who need some extra cash. I haven’t yet filed for my retirement benefits and would like to find out if this is true. What can you tell me?

Born In 1958

Dear 1958,

There is indeed a little-known Social Security claiming strategy that’s been around for many years that can provide retirees a lump-sum benefit, but you need to be past your full retirement age to be eligible, and there are financial drawbacks you need to be aware of too.

First, let’s review the basics. Remember that while workers can begin drawing their Social Security retirement benefits anytime between ages 62 and 70, full retirement age is 66 and 8 months for those born in 1958, but it rises in two-month increme

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