SOCIAL SECURITY: LUMP SUM OPTION COMES WITH A HEFTY PRICE TAG
CHICAGO, IL – The Social Security Administration’s practice of offering an optional lump sum payment to new applicants for retirement benefits may not be as beneficial as it seems at first glance. Many applicants are not aware of this option until they apply for benefits, and the decision to accept the lump sum is often made without fully understanding the long-term implications. When individuals wait until reaching full retirement age to claim Social Security retirement …