Can my husband take a 6 month social security lump sum at age 70 if he has been collecting spousal benefits?

Hi,

Possibly, but he couldn't be paid both full benefits for the same months. For example, say Bill has been drawing spousal benefits of $500 per month and files for his own retirement benefits at age 70. Bill's age 70 retirement benefit rate would be $2000, but he opts for 6 months of retroactivity. This makes Bill's month of entitlement to retirement benefits age 69 & 6 months, and lowers his benefit rate to $1939. Since Bill has already been paid $500 per month for the 6 months prior to age 70, that total of $3000 in spousal benefits would be withheld from his retirement benefit back pay. So, in this example, Bill's back pay would amount to $8,634 (i.e. ($1939 x 6) - ($500 x 6)).

The downside if Bill opts for taking the back pay in the above example is that he would then receive $61 less per month as long as he lives, and his wife's potential widow's benefit would also be limited to that lower rate should Bill die before her.

Before your husband decides what to do, he may want to consider using our maximization software to compare his options in order to determine the likely long term effects of his decision.

Best, Jerry