Ed_The_Gypsy
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
For those of us who are delaying our benefits (e.g., file-and-suspend) until 70, the dept of Social Security has a trap waiting for us.
The latest Social Security horror story—commentary
"Now, the agency is trying to force some people to accept a six-month retroactive payment when what the person wants to do is defer their benefits instead. "
"Instead of accepting their application for benefits to begin at age 70, the agency's representative instead gives the person a six-month retroactive payment! This act resets the person's entitlement back to what it was six months prior and wipes out half a year of Delayed Retirement Credits (DRCs). The person loses 4 percent off their monthly benefit check in exchange for a six-month lump-sum payment they didn't ask for and don't want. "
A former SS technical expert reviewed the SS operations manual to find that "Based on SSA regulations, retroactivity is automatically applied to applications filed after FRA unless retroactivity is expressly restricted by the claimant..."
Be aware.
Ed
The latest Social Security horror story—commentary
"Now, the agency is trying to force some people to accept a six-month retroactive payment when what the person wants to do is defer their benefits instead. "
"Instead of accepting their application for benefits to begin at age 70, the agency's representative instead gives the person a six-month retroactive payment! This act resets the person's entitlement back to what it was six months prior and wipes out half a year of Delayed Retirement Credits (DRCs). The person loses 4 percent off their monthly benefit check in exchange for a six-month lump-sum payment they didn't ask for and don't want. "
A former SS technical expert reviewed the SS operations manual to find that "Based on SSA regulations, retroactivity is automatically applied to applications filed after FRA unless retroactivity is expressly restricted by the claimant..."
Be aware.
Ed