Curious to know if you're one of the millions of people who could be owed an bigger than normal check from Uncle Sam? Keep reading to find out whether you qualify for back pay and, if so, what you need to do to get your money.
According to Newsweek, millions of people may be owed money by the SSA. It sounds like the windfall is going to people who waited until well after their full retirement age (FRA) before starting benefits.
FRA is 67 for those who were born in 1960 or after, so if you'll have 67 candles on your birthday cake this year, you'll want to pay especially close attention to this news.
How to Receive Backed Social Security Payments
Think you may fall into this group? If so, you'll need to reach out to the SSA to ask the administration to backdate your start date to when you reached FRA, which will trigger the lump-sum payment for the months that you missed.
Related: This Genius Simple Move Could Give You Bigger Social Security Checks—for Life
Lastly, by using this option, you could lower the amount of benefits you receive in the future, which means that you may only want to consider opting for the lump-sum payment if you need to get your hands on some quick money up front, instead of getting bigger checks every month for the remainder of your retirement.
So, depending on your financial situation, this windfall could be a game-changer or something that you're better off leaving alone.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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