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Old 03-14-2016, 08:43 PM
 
Location: South Jersey
69 posts, read 52,442 times
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Here's something I've never heard of... a 'spousal back benefit' lump sum payment if that spouse is over FRA when filing for spousal benefit.

Be Sure Clients Know to Claim Back Benefits | IAG Breaking News
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Old 03-14-2016, 11:41 PM
 
10,827 posts, read 8,101,410 times
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Useless link and article.

There are many conditions and with an impending deadline of April 30, 2016, it's a long shot at best for most couples.

Long and short is ~ IF both spouses reach FRA by 4/30/16 and IF one spouse files-and-suspends before that date, and IF the other spouse does NOT file a restricted application, and IF the spouse who filed-and-suspended later later decides to lift the suspension, then the spouse who filed-and-suspended will be able to receive retroactive benefits dating back to his/her FRA, and the other spouse supposedly will be able to receive retroactive benefits for 6 months. In doing so both will of course sacrifice all delayed credits.

Here's an article explaining it, keep in mind it was written in 2013 and all the file-and-suspend options go away after April 30 this year: Social Security's rearview mirror: Retroactive benefits.

That aside, I turned FRA in 2014 and don't plan to file for benefits until I turn 70 but with the 4/30/16 deadline in mind, I last month filed-and-suspended. Partly to allow my younger spouse to collect benefits on my record when he reaches FRA while still accumulating his delayed credits but also to allow me the option to collect retroactive benefits should I change my mind. Of course his collecting spousal benefits will shut him out from the 6 months retroactive, that's a no-brainer for us.
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Old 03-15-2016, 03:32 AM
 
72,210 posts, read 72,173,749 times
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yep , lump sum claiming is also gone now too once the deadline to be grand fathered is past. . at best you can claim 6 months retroactive but the beauty of being able to lock in that choice at fra by filing and suspending is no longer an option .
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Old 03-15-2016, 01:00 PM
 
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The retroactive lump sum for spousal benefits is gone as of April 30, but you'll still be able to get it for your own benefit, I believe. That is, if you file after FRA you can choose a retroactive lump sum (and reduce your benefit in the process).
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Old 03-15-2016, 01:26 PM
 
72,210 posts, read 72,173,749 times
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nope,lump sum is gone for all .

from michael kices

What changed under the new rules, however, was that the Bipartisan Budget Act of 2015 created a new Social Security Act section 202(z), which defines the rules for how voluntary suspension will work in the future (including “unsuspension” or resumption of benefits). And the new rules stipulate under 202(z)(1)(A)(ii) that suspended benefits can only be resumed in the next subsequent month after the request is made, or at age 70. In other words, the new rules don’t have the option to reinstate going back to a prior month, which effectively means the optional-lump-sum-reinstatement strategy is dead.
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Old 03-15-2016, 03:50 PM
 
29 posts, read 22,201 times
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Quote:
Originally Posted by mathjak107 View Post
nope,lump sum is gone for all .

from michael kices

What changed under the new rules, however, was that the Bipartisan Budget Act of 2015 created a new Social Security Act section 202(z), which defines the rules for how voluntary suspension will work in the future (including “unsuspension” or resumption of benefits). And the new rules stipulate under 202(z)(1)(A)(ii) that suspended benefits can only be resumed in the next subsequent month after the request is made, or at age 70. In other words, the new rules don’t have the option to reinstate going back to a prior month, which effectively means the optional-lump-sum-reinstatement strategy is dead.
Yes, I understand the retroactive lump sum from file-and-suspend is gone.

But what about if you're past your FRA, you file for Social Security, and at that time you elect to receive (or are given) 6 months of retroactive benefits. Is that the same thing or something different? For example,

http://time.com/money/4189633/social...lump-sum-risk/

http://blog.ssa.gov/the-best-age-for-you-to-retire/
(see the reply on May 20, 2015 about halfway down)
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Old 03-15-2016, 04:04 PM
 
72,210 posts, read 72,173,749 times
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the 6 month thing is something else . the lump sum was you could file and suspend at fra . at 68 or any age after fra if you needed a new roof or car you could request a lump sum going back to fra .

they would adjust your payment going forward to reflect the fact you now filed at fra . the 6 month retro is a different issue and that has always been in effect and still is .
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