What Is The $16,122 Social Security Bonus?

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$16,122 Social Security Bonus?

What Is The $16122 Social Security Bonus? You can’t get control of some things in your life; you get what life offers without a choice. But in the case of your social security, you can do certain things to get the most out of your social security benefits. People leave a large amount of money on the table every year because it is challenging for some people to understand how things work. It is not any special reward given by the social security administration to people randomly; instead, anyone can benefit from it. You can have the extra money in your pocket with some basic information on your retirement. A study shows that 96% of Americans eligible are not fully taking advantage of their social security benefits. 

What Is The $16,122 Social Security Bonus?

The Social Security Administration (SSA) will pay you a $16,728 bonus if you are eligible for this security bonus. All the current employees and those born in 1943 or later will get this security bonus if they meet their eligibility criteria. The announcement was made by (SSA) on November 17th that a particular bonus would be given on the agency’s 80th anniversary this month. 

What Is The Eligibility Criteria for the $16,122 Social Security Bonus?

To be eligible for social security bonus, you must have at least 40 credits in your employment history. It would be best to meet a specific age milestone before turning 65 years old, which is October 15th, 2019, depending on when you will be 70 years old in 2020. If you get less than full retirement benefits and do not live overseas, you’ll receive 100% of your entitled amount. While those already collecting SSI cannot accept it.

Three strategies for boosting your Social Security benefits.

Earn more

Only a few of us will be able to max out our earnings every year, but everyone should try to boost as much as possible. One way to increase or boost our social security benefits is to increase our earnings. Obviously, the more you earn in your working life, the greater the security benefits. Because the social security administration uses your monthly indexed earnings up to 35 years indexed earnings to calculate your benefits.

You can increase your earnings by working hard throughout your working life or changing your company for a high-paying job. You can ask for a pay rise every year while showing why you deserve this.

Wait until you are 70 years old to file for Social Security benefits.

The most significant advantage of the social security bonus is that it provides flexibility, which means you can start collecting your security benefits at the age of 62 or wait until full retirement.

If you start collecting your benefits as early as 62, it will cut short your benefits. On the other hand, if you wait until your full retirement, you will receive the 100% amount you’re entitled to plus an 8% additional incentive to make up for the time you spent forgoing benefits.

 Some of you cannot delay your benefits, and they want them as soon as they can get them because of personal needs like travelling, loss of job, or an emergency. But delaying will significantly boost your benefits.

Coordinate with your spouse

Finally, if you are married, you can earn plenty of benefits from it by coordinating with your spouse. For example, you are married, and both couples start collecting benefits as soon as possible at 62, and your spouse earns more than you. You earn $1000 monthly, and your spouse earns $ 1800, and if your spouse dies first, you can’t collect two checks, but you get the greater of two and will get $1800 monthly.

If your spouse has been delayed benefits collecting up to 70 age, you will get a 24% incentive. So it is worth taking time and planning. Because it can significantly increase your retirement income, and it’s worth getting as much as you can. 

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Conclusion

The $16,112 social security bonus most people overlook entirely, but it can provide a boost in your retirement income. With little information, you can have an extra income in your pocket. There’s no perfect time when you should apply for benefits. But if there are no specific conditions, then denying it would be best as it boosts your money. 

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