Social Security Boost: Millions of Americans are in line for retroactive payments; what you need to know
Mint·2h ago·Neutral
What Happened
Millions of Americans nearing retirement can claim up to six months of retroactive Social Security benefits after reaching full retirement age (currently 67). Eligible retirees can request backdated payments worth thousands of dollars. However, claiming retroactively means forfeiting delayed credits that increase monthly checks by approximately two-thirds of 1% monthly. Financial experts warn this strategy suits only those needing immediate cash or with shorter life expectancies, as higher earners typically break even around age eighty-one.
Key Entities
Social Security Administration (SSA)Full Retirement Age (FRA)Kevin Thompson, 9i Capital GroupAlex Beene, University of TennesseeAge 67Age 70Six months retroactive payments