Lately, there has been a lot of talk online about a “$16,728 bonus” that Social Security beneficiaries might receive. However, this claim is misleading. There is no official government program offering an additional check for that amount.
The “$16,728” figure is actually a theoretical example used by financial experts to show how smart decisions about when and how to claim Social Security can significantly increase the benefits you receive. It’s not a one-time payment or a secret bonus, but rather a possible increase in benefits over time if you follow certain strategies.
How Can You Increase Your Social Security Benefits?
Even though there’s no special bonus, there are legitimate ways to increase the amount of Social Security benefits you get each month. Here are some of the strategies that financial experts recommend:
Work for At Least 35 Years
Social Security calculates benefits based on your highest-earning 35 years. If you have fewer than 35 years of work, the missing years will count as zeros, which will lower your average income and reduce your monthly payments. Working for at least 35 years and earning a decent income in those years will help maximize your benefits.
Increase Your Income Over Time
Raising your income, especially as you get older, can boost your average monthly income and, as a result, increase your Social Security benefits. The more you earn, especially in your later career, the higher your indexed monthly average will be, which directly impacts your benefits.
Delay Claiming Your Benefits
If you can afford to wait, delaying your claim past your full retirement age (which varies between ages 66 and 67, depending on when you were born) can result in an 8% increase in your monthly benefit for each year you delay, up to age 70. This delay can translate into tens of thousands of dollars more in benefits over the course of your retirement.
Coordinate with Your Spouse
If you’re married, you can maximize Social Security benefits by coordinating with your spouse. Social Security offers spousal and survivor benefits. Claiming strategically, especially if one spouse has a higher income, can help increase household income. However, it’s important to know that spousal benefits do not increase if you delay claiming them beyond your full retirement age.
Beware of False Promises of “Secret Bonds”
There are some websites and ads that claim you can easily access a $16,728 check through secret rules or shortcuts. These claims are misleading and false. Social Security does not offer hidden bonuses or programs. All official information is available for free on the Social Security Administration website (SSA.gov) or by calling their helpline at 1-800-772-1213.
There is no such thing as a guaranteed $16,728 Social Security bonus. However, by planning carefully—such as working for more years, increasing your income, and delaying when you claim benefits—you can increase the amount of Social Security benefits you will receive each month. To avoid falling for scams, make sure to use the official resources provided by the government and consult with a certified financial planner if you need a personalized retirement strategy.
