$16728 Social Security Bonus in US: Here's Guide & News Updates (2024)

FAQs

$16728 Social Security Bonus in US: Here's Guide & News Updates? ›

Many Americans have heard of the so-called “$16,728 Social Security Bonus” for 2024, but it's not exactly what people think. Contrary to rumors, this isn't a direct payout or a one-time bonus from the government. Instead, it represents a strategy to maximize your Social Security benefits through proper planning.

As retirement approaches, maximizing Social Security benefits becomes a top priority for many Americans. One widely discussed figure is the $16,728 Social Security bonus, which isn't a literal bonus but rather a potential increase in benefits through strategic planning.

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.

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.

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. May happens to be the first of three double-payment months of 2024.

Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. You may have heard that Social Security income is not taxed after age 70; this is false.

If the deceased reached retirement age, the surviving spouse can receive whatever the deceased was entitled to in the month of their death. Similarly, if the deceased already received monthly payments, the surviving spouse is entitled to what they received in the month of their death.

Eligibility criteria for the $1,800 monthly benefit

To be eligible for the $1800 Social Security payment, individuals must meet specific criteria. They must be at least 62 years old, have an income below the Federal Poverty Line, and be receiving regular benefits from the SSI.

To qualify for a Medicare giveback benefit, you must be enrolled in Medicare Part A and B. You must be responsible for paying the Part B Premiums; you should not rely on state government or other local assistance for your Part B premiums.

You would not be required to file a tax return. But you might want to file a return, because even though you are not required to pay taxes on your Social Security, you may be able to get a refund of any money withheld from your paycheck for taxes.

Is there a Social Security increase in June 2024? ›

What is Social Security's COLA? Since 1975, the Social Security Administration (SSA) has made an annual cost-of-living adjustment to account for changes in inflation. The COLA in 2024 was 3.2%.

As of June 1, 2019 SSI recipients may be eligible for CalFresh Food benefits.

If you're married and both you and your spouse get Social Security or SSI, you each will receive a one-time $250 payment.

Has your income declined or have you experienced a loss of financial resources? You may be able to get additional income through the Supplemental Security Income program, which helps seniors and the disabled who have limited income and financial resources.

* If you get your Social Security or SSI benefit payment in the mail, we'll send your $250 one-time payment by mail. * If your benefit goes directly to your Direct Express debit card, we'll deposit the $250 one-time payment to your debit card.

Views: How much is the increase: Social Security benefits and Supplemental Security Income (SSI) payments for more than 71 million Americans will increase by 3.2% in 2024. This is the annual cost-of-living adjustment (COLA).