What Is The $16,122 Social Security Bonus? Get the most from your social security benefits. Did you know that many people leave thousands of dollars on the table every year by not taking advantage of all their Social Security options? That’s partly because it can be challenging to understand how everything works. But with some basic information. Planning for retirement could mean an extra $16728 Social Security Bonus in your pocket after age 67. So while you’re comparing all of the retirement account options available to you, make sure you keep this little tidbit of information in the back of your mind Whether you call it a bonus or additional payment, many people are curious about What Is The $16,122 Social Security Bonus?
Here’s a breakdown: as much as half or more of everyone eligible doesn’t take full advantages-of what they’re entitled to when they retire. And if you do this right now. Then get started early enough so that even just getting up to date is worth over 16 thousand bucks!
What Is The $16,122 Social Security Bonus?
The Social Security Administration (SSA) will pay a one-time, lump-sum bonus of $16,728. This bonus is giving to the current and some retired workers born in 1943 or later. The SSA announced on November 17th that it would issue the particular payment as part of its initiative to commemorate the agency’s 80th anniversary this month.
To be eligible for the social security bonus, you must have earned at least 40 credits under your work history. With them plus meet certain age thresholds before turning 65 years old, which is October 15th, 2019. Depending on when you turn 70 years old by the following year 2020. In addition, you can collect full benefit if you are receiving less than full retirement benefits but not living abroad. While those already collecting SSI cannot accept.
Benefits Of $16728 Social Security Bonus
If you’re a senior and collect $16,728 per year from social security benefits, I have good news! You are now eligible to get an additional bonus of 6.5%. This boost is in addition to the cost-of-living increase that all seniors receive every January 1st. This is based on inflation data for the previous 12 months ending September 30th of each calendar year.
Suppose you’re already receiving your maximum monthly benefit payment ($2,687/month). In that case, this means an extra $183/mo. or over 20% will be added onto top of what we were initially getting before – pretty exciting stuff!!
Eligibility For $16728 Social Security Bonus
If you’re over the age of 65 and make less than $16,728 a year from other sources. Like an employer or retirement account contributions, then this is good news for you!
Eligibility requirements to qualify for your social security benefits include being born before January 1st, 1951.
If that doesn’t apply to you, other income sources don’t exceed $1572 in 2018. They will still give those eligible up to 50% back on money paid into their accounts during 2017. If total additional credits do not require them to exceed limits as defined by U.S. tax code section 86a-17(b).
Final Verdict
What Is The $16,122 Social Security Bonus? The average American family might be able to knock out $16728 of their retirement savings with a single Social Security tax increase. However, the typical U.S. household could retire more comfortably if they paid an extra tax amount, according to the latest data from the Employee Benefit Research Institute (EBRI).
The EBRI’s annual Retirement Confidence Survey shows that Americans struggle financially as we age and prefer a higher income during our later years over any other option for social security reform.
