Ask Larry

I am 68+ years old and want to apply for a restricted SS application. I want to take half of my spouse SS. My question is: Can I take a lump sum on my spouses SS with a reduced payment and then convert to my SS at age 70. .Is there any drawbacks to this approach? Or would you recommend just taking 1/2 of my spouse SS. Thank you

Hi,

I'm not sure what you are referring to by a lump sum. If your spouse has been receiving their benefits for at least the last 6 months and you haven't yet filed for your benefits, you could file for spousal benefits up to 6 months retroactively. If that's what you mean, then the answer is yes. And, your spousal rate would not be reduced if you took the back pay since you would still be starting your benefits after your full retirement age.

However, you couldn't choose to receive a lump sum payment in lieu of monthly benefits. There is no such option. You should strongly consider using the maximization software available on this website in order to make sure that you choose the best possible filing strategy.

Best, Jerry