Social Security’s ‘Lump Sum’ Option: Why Taking a Check Now Could Cost You Later

If you wait past your full retirement age to claim Social Security and maximize your monthly payout, you’ll be presented (either in the office or online) with a tempting option when you finally do claim: Would you like a retroactive lump sum payment? It sounds like a signing bonus. Depending on your benefit amount, the government could write you a check for $10,000, $15,000 or even $20,000…