Is there a $16,728 Social Security Bonus

Is there a $16,728 Social Security Bonus?

Retirement savings are a major problem for most Americans.

Many people don't know the Social Security secrets which can increase your retirement income.

Each year, you can get as high as a $16,728 bonus or more.

The amount you receive in your retirement will depend on a particular formula. For higher future payments, you must be able to identify and manipulate this bonus to your advantage.

 

How you can maximize your Social Security Check

 

Continue growing your work days

It could sound cliché to continue growing your work days, but there is a rational explanation.

The monthly retirement check was $1563. This gives you a total $18,750 annually.

However, the maximum benefit in 2021 is $3,895. You must maximize your work days in your life to get the maximum amount and start collecting your check before you turn 70.

Asking for a raise every two to three years is another way to increase your check because your benefits are directly aligned with how much money you made.  Why?  Because the more you make the more taxes you pay. 

You can also move companies during your career to upgrade your take home pay which demonstrates your value and makes your payout amount to more money.

The numbers show that earning $100 more per week will increase your income by $5,000 every year; the more you make the more benefits you receive.

Wait as long as possible to start collecting your Social Security Benefits

At age 62, you can begin receiving your Social Security Benefits, but you get a better deal if you wait.

 

For every year past your full retirement age (up to age 70), you are given about 8% more in benefits.  This results in fewer checks, some may think that's a penalty.  But your checks are  about 8% larger .

Many Americans can't work beyond age 70 because of their health and ability to stand on their feet for long hours or do the menial jobs offered them.  So many retirees are already suffering from health problems at 60 years of age so working until they're 70 isn't an option.  

This is our disclosure:  This summary is for informational purposes only. This summary is not intended to be a recommendation for or give advice for any company or individual.

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