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Instructions and Help about va lump sum payment

Music disability benefits under the Social Security disability or we call disability insurance benefits program here are a few things that you need to be aware of first the benefits are calculated at a payment center not your local office so when you're going down to the local office trying to find out what's going on with your money they're not the ones that's handling it if you are what we call SSD only if the payment center and the payment center typically is assigned based on your social security number and your age group meaning if you're under the age of 54 it typically goes to a particular location above and before it goes to geographical locations typically based on your social security number second thing is they have to calculate if there's any offset and offsets mean any programs that may cause the reduction in your disability benefit whether it be workers comp whether it be VA benefits whether it be a child born alimony obligate obligation if you have any of those things floating on your program floating around you that may impact the accessibility benefit they have to take that in consideration first third bank account again Social Security likes to make sure Social Security likes to make sure that they can deposit your money directly into a bank account so if you haven't given them that information you need to give that information to benefit as possible because if they don't have any place to release the money and I'm going to release it unless they have a bank account for if you have if you need to have a representative payee the local office is responsible for determining whether you need a representative payee however the payment center won't release and money to you if a determination has to be made to determine whether you near representative payee or not so I stress if you know that in your decision they recommended a representative payee you need to get bad done meaning you need to bring somebody if you can't you can serve as somebody who handles your money for you because you won't get anything from the payment center until that aspect is taken care of you're going to fit you're going to get award notices giving you a breakdown of what monies you're due to receive in terms of back pay how they came up to the monthly amount if there was any offsets things of that nature and all that's going to come to you in a series of paperwork so this way if you have any questions or complaints or want to appeal you can do so and again finally I stress to everyone so security typically the representatives responsibility is typically to assist you in getting disability benefit pay is entirely up to Social Security so unless the Social Security needs them from information they can't run you down they might go contact your rep but the rep.

FAQ

If you win the lottery, should you take the lump sum or the annual payouts?
I assume the spirit of your question is "Which method works to my advantage from a monetary standpoint?"There may be a lot of reasons why you might "want" to take the lump sum distribution, such as funding needed for a new business, you have only a few months left to live, want to lead the "rich and shameless" lifestyle, etc.Assuming that these are not motivating factors, it would seem that taking the annual distributions over 20 to 26 years seems like the road more traveled for a number of reasons.Not to say that this is where you'll wind up if you choose the lump sum method, but there are more than a few people who have hit it big, only to have lost it all.  Money does weird things to people and attracts some unsavory types into your life.  Here are some of the not-so-happy stories.  http://www.businessinsider.com/1...If you win $10 million in the lottery, many people will assume that is what you'll take home.  Not true.  The first misconception is that $10 million will be the lump sum payout.  Read the fine print.  $10 million is the award spread over the ___ year payout, often times 20 years.  The lump sum payout is about half of that. http://www.straightdope.com/colu...The next big bite that will taken is for taxes.  You'll be the highest tax bracket, which the next bit of disappointing news.  Depending on what state you live in, you're looking at 35% for federal taxes and up to 10% for state taxes.  Now, your $5 million has been reduced to $2.7 million (worst case tax scenario).  Not quite as much as you thought, but still quite nice.So the choice now becomes $2.7 million now versus $500K/year (less taxes) over the next 20 years.  Whichever way comes out better for you depends on the investment choices you make with either scenario and how disciplined you are in not blowing it all on luxury items.
How would you invest a $50 million lottery lump sum payment?
LOL. The respondents told you how they would SPEND the money which isn’t what you asked.While I have successfully done all of my investing and trading for 30+ years, with $50 million, I’d seek professional management. Different doors open when you have that kind of money.
How can you calculate the effect of a lump sum payment to the principal on a monthly mortgage payment?
Most mortgages are unaffected by a lump sum payment. Sorry.Some banks will reamortize (recalculate the payment schedule) a loan for a fee, but I think it’s kind of rare. So making that lump sum payment just reduces the term of the loan (you’ll pay back the loan sooner).An exception to the above would be adjustable rate mortgages. ARMs reset at various dates, depending on the type of ARM. At the reset date, your rate will change and the payment is recalculated. That calculation takes into account the remaining principal balance on the loan.
How to pay off mortgages faster other than paying bi-weekly or annual lump sum payments, in Canada?
Most mortgages allow you to prepay lump sum amounts when ever you want to.  Check with your bank if you are allowed.If you are allowed, then try this trick:Depending on your salary, at some point during the year you will have paid the maximum amounts to CPP and EI, and these two deductions will no longer be coming off your pay cheque.  The timing of this varies depending on your annual salary.  It might happen in June or it might be October.  Suddenly one day your cheque will be a little larger than it was before.Whatever those deductions were, say $100 per cheque -- funnel that money directly to your mortgage by making monthly lump sum payments until the end of the calendar year.  Or take some portion of that, say half, and send it to the mortgage.  Every little bit helps.This works in the US too -- there are some paycheck deductions that stop part way through the year.  Send that money to your mortgage and pay it off that much sooner.
If you win a multi-million dollar lottery jackpot, does it make better financial sense to take the lump sum cash payout or monthly payments over 20+ years?
Generally, you are better off taking the lump sum. Not to get too technical, but finance has a concept called “future value.” Think of it like this, if I had $100,000 that I invested today, what would it be worth at some time in the future. This is so common in finance that there is a built in function in Microsoft Excel to calculate it. You have to consider whether you can take the lump sum and invest it so that you get more than the sum of the payments of the winnings.Now, this is the point where I like to show off and say “If the prize is $1M and the lump sum is x, and the term of the payout is 25 years then you need to make y amount of return on x to beat the $1M annuity.” Except, I don’t have any idea what the lump sum payout is. I just don’t know. That’s the number we need to prove it mathematically.On the other hand, there are some things I know. For example, 25 year pay out of $1M is only $40,000 per year. That’s a nice bonus but it isn’t life changing to me. I would still have to work for the next 25 years. I also know that $40k 25 years from now isn’t going to be much money. Inflation is going to eat into that. Finance folks have a name for that, too. It’s called present value. What is $40k given to me 25 years from now worth in today’s dollars. That one I can estimate. If we guess 2.5% interest for those 25 years, $40k then is worth $21k today. You will be able to buy about $21k worth of stuff at today’s prices when you get that $40k 25 years from now. Every year that $40k is worth less.On the other hand, if I take the lump sum and invest it, every year I have more and more based on the magic of compound interest. I won’t explain that one here but trust me. You want to understand compound interest.Now a little quicky rule of thumb concerning compound interest: the Rule of 72. Pay attention. The rule of 72 tells us how long it takes for a sum to double when we have compound interest. Divide 72 by the interest rate. The answer is the number of terms it takes for the sum to double. If you’re earning 7.2% then 72 divided by 7.2 = 10. Every ten years your money doubles. 7.2 is a pretty interesting number because it’s about what you can expect the stock market to return over the long term, say 25 years. So if you took your lump sum and invested it in a low cost fund that tracked the S&P500 you could expect a return of 7.2%. That means your money could more than double in the 25 year pay out time. (This is a simplification. We’re ignoring that you might actually want to spend some of this money and that you will have to pay taxes on part of it.) So if the lump sum is $200k in 10 years you will have $400k and in 20 years $800k and in 25 years $1,137,364.40. That a over $100k more than you would get taking the annuity. So, if they lump sum is more than $200k, and I think it should be, then you could make a lot more. At $300k you would have $1.7 million dollars. That’s serious money.This is a simplification. Talked to a Certified Financial Planner before you decide which to take, but in most cases, you’ll be better off taking the lump sum. Unless you blow it all in the first year. Even then, you could have one heck of a time.
When an actor earns say $25m for a movie, how is the payment made? Is it made in instalments or a lump sum upon completion of filming?
Producers pay actors via agents/managers based on contracts. It is typically paid in lump sums for the portion paid up front, but for backend points, is paid as the movie distributes funds to equity participants.
How do I invest a lump sum amount through MYCAMS. I am not able to find that option, and the payment is asking for a cancelled cheque copy. Where can I find the option to invest in lump sum?
You can invest any amount using myCams this way :Goto the Transact tab and select Invest New or Invest More depending on whether this is your first time investment in any particular fund or already invested earlier.Select the AMC and the scheme in which you want to invest and fill the rest of the details.In the amount field you can mention whatever lumpsum you want to invest.On final screen it asks for cancelled cheque for the verification of account details.Finally you can proceed to complete the payment and you are done.
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