If you are at your Full Retirement Age or older, when you apply for Social Security, you can elect to file retroactively for 6 months and receive a lump-sum check for those 6 months. The catch? You are deemed to have filed earlier, thereby reducing your ongoing monthly benefit for life. You want to think carefully before taking this offer for a retroactive check due to the permanent reduction. However, there are scenarios where it can make complete sense. For example, a married couple faced a situation in which the 73-year-old wife didn’t have enough work credits to claim Social Security on her own record, so she needed to rely on a spousal benefit equal to up to 50% of her husband’s benefit. She could receive it only after her husband filed, which he did at age 67 in January 2026. Several months later, it became clear she had not yet filed for her spousal benefit. She was advised to file immediately and request retroactive payments. Because Social Security allows up to six months of retroactive filing, she received a three-month lump-sum payment for the months she missed and began receiving her ongoing 50% spousal benefit.
Knowing Social Security rules can benefit you in the long term. Our goal is to empower you with knowledge to make better decisions and retire with clarity and purpose!
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The Vocare Wealth Any opinions are those of Vocare Wealth Advisors and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including diversification and asset allocation. Prior to making an investment decision, please consult with your financial advisor about your individual situation.
This is a hypothetical story and not indicative of any specific situations or client. It is presented only as an example and not intended as investment advice. Investing involved risk and there is no assurance that any investment strategy will be successful.
