How You Can Get Lump-Sum Social Security Payments

Making the most of Social Security is essential, especially if you're in or approaching retirement. The monthly payments will provide you with financial support for the rest of your life.

However, many people find that it's useful to have a larger chunk of cash available right when they retire. Monthly checks are useful, but it's hard to use them for big-ticket items. Fortunately, there's a way for Social Security recipients to ask for and get a lump-sum payment. Before you use this strategy, though, it's important to know what's involved and what you're potentially giving up.

Most people claim their benefits from Social Security simply by asking the government to start mailing monthly checks. That's the only option if you haven't yet reached your full retirement age, which ranges from 66 to 67 for those currently nearing the end of their careers.

Source Fool.com