Lump Sum Social Security?

[Glass]

Does anyone know, have heard of anyone or a way to, get a lump sum from social security?

[Shami-Amourae]

Ponzi Schemes wouldn't work very long if you could cash out right away.

[palani]

Of course. My understanding is there is a $250 cash payout called a death benefit. Only problem being you have to die first.

[This is not a long trip .... most people have been dead for a while and just don't realize it]

[brosil]

I've heard of it but it's always a 3rd cousin of a friend of mine type of thing. One comment was that they could only draw 10% of what they had put in. I doubt the stories myself.

[mick silver]

one way and palani told you
Of course. My understanding is there is a $250 cash payout called a death benefit. Only problem being you have to die first.

[This is not a long trip .... most people have been dead for a while and just don't realize it]

[Glass]

yes I figured it would be difficult. In private retirement you can take a lump sum if you have a decent reason. Would be interesting if there were some buried method for doing this.

[palani]

yes I figured it would be difficult. In private retirement you can take a lump sum if you have a decent reason. Would be interesting if there were some buried method for doing this.

The thing that is hidden and few people know is

you can apply for a ssn one day, cancel it the day after you receive it and apply for around a $500 monthly benefit the following day.

No need to way 30-40 years to pay in before you can see a single benefit coming in.

[Glass]

I'm thinking about those that are in SS, not quite or nearly retired and now have discovered that there may not be any SS because they have no money allocated. I would not want to be waiting until they declare it's done. Kaput.

some way to cash out now is better than sitting around waiting IMO.

[palani]

some way to cash out now is better than sitting around waiting IMO.

People tend to throw good time after bad. Once you have determined that the handicap exceeds all possible benefits just cut your losses and move on. People who are colorable have little chance in this scenario. They made bad decision(s) once and insist upon compounding because there is a HOPE of redemption.

There is no redemption in a bankrupt society. There is only pain pyramided upon pain.

[Glass]

yes yes, I get all of that but it doesn't go to the question.

Question: Is there a way to get a lump sum from SS.

Some people are too far down the road now. Maybe a couple years at most from retiring or are retired. We had someone on here in the last week who sounds like they are at that point. I don't know if they are already retired or about to or have some years to go.

If there is a way to grab some of what you paid before the whole thing goes belly up.

Are there any programs that hang off SS that help people get something done. Down here, there are some things like the Government going as a kind of guarantor for a loan or doing a part buy where the Govt has a stake in half the property, you pay off your half then have an option to buy the Govt portion from them so you end up with the whole home. These are fleeting programs. Sometimes they stay in place but don't get publicized, sometimes they run for a set period then stop.

Any kind of creative method to capitalize now while you can. And I'm not talking about 1099 OID Form kind of creative.

[palani]

Question: Is there a way to get a lump sum from SS.

If there were a way to make fiction reality wouldn't we have to admit to seeing unicorns, flying wizards and planes intersecting tall buildings, man landing on the moon and the like?

What you are asking is how do we make past illusions real when you should be looking at how do I tell reality from an illusion IN THE PRESENT.

There was nothing paid into social security in reality because government chose to remove money in 1933. What was paid in was not money so anything that gets taken out is not going to be money either. I don't store corn in the elevator and then come back after the storage is complete and ask for my personality in the form of soybeans. What gets put in gets taken out unless the bankruptcy court decides to include what is yours in what is theirs.

[Glass]

I do get all that but I'm pretty confident you are not getting the key point.

There will be some thing, some way to get one off emergency payments or other benefits. The idea is to see what things can be claimed for now to try and claw back some of those payments - of human energy tallied according to military script denominations.

At least you get something now and maybe it can subsidize something else, either by paying for regular expenses and freeing up $$ for discretionary investment for the retirement or being put into something useful for retirement.

the question is one worth asking. all I'm looking for is an answer to the question.

Can you sell your SS benefits or use them as collateral? That might be a second question, in which case it is a complemenatry question not a replacement.

[palani]

http://gapingvoid.com/blog/11444661546.jpg

[palani]

all I'm looking for is an answer to the question.

There is no way to cash out without continuing to empower the welfare state. You must first die.

There is a lot to be said for rebirth.

[Glass]

ok, thanks for your contributions so far. in an effort to further the thread towards an answer could you please refrain from making further posts to this thread.

[Glass]

You can get a big one-time payment from Social Security. But you will give up other benefits, so proceed carefully. When you think of Social Security benefits, you probably imagine a regular stream of income. What you may not realize is that two kinds of claiming strategies can get you a big lump-sum benefit—one that may be worth more than $100,000 to higher-income retirees.
It’s a tempting notion. However, some people should resist the glitter of even this much money lest they wind up leaving even more benefits dollars on the table. Here’s a quick look at the pros and cons of these strategies

Time web site (http://time.com/money/2886680/how-to-get-social-security-lump-sums-without-the-lumps/)

There also looks like an interesting story on this at Forbes but I'm not paying and ad blocking so can't see it.


One more thing: If you take the lump sum, you may be giving up an ... One way to get the lump sum from Social Security is by doing what's known as “file and suspend

From Forbes (https://www.google.com.au/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=0ahUKEwiJ6u2D8r_LAhXMkZQKHTJgCpkQFggjMAE&url=http%3A%2F%2Fwww.forbes.com%2Fsites%2Fnextaven ue%2F2015%2F09%2F10%2Fhow-to-get-a-social-security-lump-sum-benefit%2F&usg=AFQjCNG5ZOBrh3YJEXDgYDCDjC0F6cKdWQ)

[Glass]

So Huff Po thinks:


Another option that provides even more cash is the "file and suspend" strategy. Again, this option is only available to people on (or after) full retirement age.

Here's how this strategy works. Let's say you're 66, and you decide to delay your benefits. You could file for your benefit and then immediately suspend it. This gives you the ability to collect a lump sum going back to the date you filed. So if you need money at age 69 for example, and your full retirement age benefit was $2,000, you could get a three-year lump sum of $72,000

Drawbacks
The big downside to these strategies is that once you accept a lump-sum payment, you'll lose all the delayed retirement credits you've accrued, and your future monthly retirement benefit will be reduced to reflect the amount you already received.

Here's an example of how this works. Let's say that you are entitled to a $2,480 monthly benefit at age 69. By taking a three-year lump sum payment, your future benefits will shrink back to $2,000 per month, which is what you would have received at your full retirement age. This also affects your future survivor benefit to your spouse or other eligible family members after you die.

You also need to consider Uncle Sam. Depending on your income, Social Security benefits may be taxable, and a lump-sum payment could boost the amount of benefits that are taxed. To help you calculate this, see IRS Publication 915 "Social Security and Equivalent Railroad Retirement Benefits (http://irs.gov/pub/irs-pdf/p915.pdf)."
One other caveat: If you're married


Here (http://www.huffingtonpost.com/jim-t-miller/social-security-offers-lu_b_7012084.html)

I think it would be wise to check the taxing of benefits effect they talk about with an accountant. Be ware of being sold a fire when you are just getting out of the frying pan. Make sure the accountant is not also selling fire.

I don't know that these are cashing out early, the reading is unclear but it suggests to get a lump sum you simply get them to halt paying you for X years then give you a big payout of what would have been paid in the previous X years? Is that it?

Is the intent for you to work those X years? Get some income while the benefits accrue to a lump for some years.

so after banning palani from the thead :cool: I think he said that, someone said that didn't they? I can't see when I look.

similar.

you can apply for a ssn one day, cancel it the day after you receive it and apply for around a $500 monthly benefit the following day.

[Half Sense]

Just go on permanent disability.

[Glass]

Just go on permanent disability.

Could you do both? Is there an incentive on offer to keep working? Here they offered $5k per annum to keep working with full pensioner benefits and subsidies. 12 months regular wages plus $5k for 3 years and cheap meds, transport, utilites, rent subsidy. I don't think the offer is available now.