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Have you heard about the Social Security $16,728 yearly bonus? There’s really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.
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However, there are ways to create your own bonus by maximizing the amount you’re eligible to receive.
Here are a few ways to do it:
Increase Your Earnings
Social Security benefits are calculated based on the 35 years you earn the most. If you have years of low or no income, this is also factored into your calculation and decreases your qualifying amount.
According to the SSA, each year you work will replace a zero or low earnings year in your Social Security benefit calculation. This can help to increase your benefit amount. However, there is a maximum amount of earnings used to calculate your retirement benefits. Earnings of up to $160,200 in 2023 are used to calculate your payments, but this amount is adjusted for inflation each year.
Wait Until Age 70 to Collect
Waiting to collect Social Security benefits until age 70 ensures you receive your maximum benefit amount.
Only 10% of workers wait until then, but researchers found that claiming before 70 results in an estimated median household loss of $182,370 in lifetime discretionary spending for claimants between the ages of 45 and 62, CNBC reported. Retirement benefits at 70 are 76% higher than benefits taken at age 62, adjusted for inflation.
Claim Spousal Benefits at Full Retirement Age
Married couples should be strategic about claiming spousal benefits. Unlike personal benefits, spousal benefits don’t increase if you delay payments past full retirement age. FRA varies by birth year, but it’s usually age 66 or 67. The SSA says the spousal benefit amount can be based on their own earnings or up to half of the higher earner’s benefit, whichever is higher.
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FAQs
Have you heard about the Social Security $16,728 yearly bonus? There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.
Who is eligible for the Social Security bonus? ›
There is no specific “bonus” retirees can collect from the Social Security Administration. For example, you're not eligible to get a $5,000 bonus check on top of your regular benefits just because you worked in a specific career. Social Security doesn't randomly award money to people.
Who qualifies for the $1657 Social Security check? ›
One must either be over the age of sixty-five, blind and/or disabled. Additionally, they must have a limited income and resources as the program is need-based and aims to assist beneficiaries to cover basic costs for food and shelter.
Why did I receive extra money from Social Security this month? ›
It's all because of a quirk in the Social Security Administration's payment schedule. A few times a year, two Supplemental Security Income (SSI) checks will go out in a month instead of the usual one.
Is there a lump sum bonus for Social Security? ›
You can receive a lump sum payment of up to six months of retirement benefits. Full retirement age is 66 for those born in 1943-1954, over age 66 on a sliding scale for those born after 1954-1959, and 67 for those born in 1960 or later. The lump sum option isn't available to those claiming benefits before FRA.
How do I get my $16728 Social Security bonus? ›
Have you heard about the Social Security $16,728 yearly bonus? There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.
Why are Americans getting a $4800 Social Security check today? ›
It is estimated that the $4,800 Social Security Payment is due to go out as a result of the growing cost of living adjustment as well as inflation. This is because those with low earnings, retirees, and those with disabilities have difficulty controlling their federal costs.
Who qualifies for an extra $144 added to their Social Security? ›
You must be enrolled in Original Medicare and pay your Part B premiums without state or local financial aid to be eligible for the giveback. Only some Medicare Advantage Plans offer this benefit, and in select service areas.
Why did I get a random deposit from Social Security today? ›
If you received extra money from Social Security this month, one possible explanation is that the payment is for the back benefits you are owed by the Social Security Disability program.
Why did I get $250 from Social Security? ›
The American Recovery and Reinvestment Act provides for a one-time payment of $250 to Social Security and Supplemental Security Income, or (SSI) beneficiaries, as well as those who receive Railroad Retirement and Veterans benefits. You probably have questions about the one-time payment.
We may pay a one-time emergency advance payment to an individual initially applying for benefits who is presumptively eligible for SSI benefits and who has a financial emergency.
What is the big retroactive check from Social Security? ›
Retroactive Benefits
The Retroactive Benefit Option is enticing to some because it can provide a relatively large lump sum payment. Invoking this option entitles you to receive missed monthly benefits retroactively for as far back as six months prior to filing your application with the Social Security Administration.
Can you cash out your Social Security? ›
The reduction of benefits in early withdrawal is based upon the amount of time you currently are from full retirement age. If you withdraw at the earliest point of age 62, you will receive 25% less than your full benefits. If you were born after 1960, that amount is 30%.
Who is eligible for $134 day April 2024? ›
You should meet qualify through the $134/Day April Eligibility 2024 to get the Social Security Benefits from SSA. Being an American citizen and permanent resident is vital. You have to be at least 64 years old. You can't make more than $75,000 a year.
Who is eligible for the Social Security Supplement? ›
SSI is for people who are 65 or older, as well as people of any age, including children, who are blind or have disabilities. To be eligible for SSI, you must also have little or no income and few resources.
