one-time social security payment

one-time social security payment

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A lump-sum payment is a one-time full Social Security payment that may be given to you for the prior year's benefits all at once.

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How much will you get from Social Security?

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1. If you are 62 years old, you would claim $1,486 per month.

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2. Claiming FRA if you're age 67: $2,111 per month.

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3. If you are 70 years old, you will make $2,618 per month.

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Should I take my pension as a lump sum?

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Pension can be taken in lump sum at the age of 55, but at present the age of state pension is 65 years. You can take a lump sum amount to top up your pension, or to pay off some debt, and to continue working.

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