Ways to Get a Big Check: File for Back Payments
If you are six months older than full retirement age and have not yet filed for benefits, you can request benefits to start when you turned FRA. New claimants are allowed a “claw-back” of up to six months which allows them to receive “back pay”.
Full retirement age (FRA) individuals can get a big check by using the File and Suspend strategy (see the definition earlier in this blog). After filing and suspending you may set a start date that goes back to your application date. Depending on when you originally filed and suspended (and turned FRA) your start date can be anywhere from several months to several years. Filing your claim starts monthly payments and triggers back pay.
About ksindell
Kathleen Sindell, Ph.D. is the author of numerous academic, popular, and professional finance articles, Web sites, proposals, and books. This includes the bestselling reference book, "Investing Online for Dummies, Eds 1-5" (listed for two consecutive years on the Wall Street Journal's Bestselling Business Book List). Her most recent book "Social Security: Maximize your Benefits" has been listed in Amazon's Top 100 Bestselling Retirement Planning Books. It is important to note that "Social Security: Maximize Your Benefits, 2nd Edition" was just released.
Sindell has an in-depth understanding of the financial services industry and has held Series 7, 63, and 65 licenses. Dr. Sindell is regularly tapped as a financial services expert on ABC World News, The Nightly Business Report, and at popular online and print outlets. Kathleen Sindell, Ph.D. is a member of the Board of Directors for the Financial Planning Association, National Capital Area (FPA NCA), is on the Editorial Advisory Panel of the Journal of Financial Planning, and is Co-Chair of the Metro Washington Financial Planning Day. Sindell is a Course Chair II, CFP Program Academic Officer, and adjunct full-professor at the University of Maryland, UMUC, School of Undergraduate Studies.
Contact Information: ksindell@kathleensindell.com or 703-299-1700
