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lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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Is it true one can receive and addtional benifit check from

Customer Question

is it true one can receive and addtional benifit check from the s/s section ,a one tme check for about $ 124,000 ligislation # *****
Submitted: 5 months ago.
Category: Social Security
Expert:  lev-tax replied 5 months ago.

That is NOT correct information - and is based on extreme calculations.

Moreover - that option was eliminated starting May 1, 2016 - but in reality only a few persons may qualify - and the amount of additional benefits was much smaller than advertized....

Expert:  lev-tax replied 5 months ago.


Many people wonder how the SSA figures their Social Security retirement benefit.

The Social Security Administration bases Social Security benefits on your lifetime earnings.

They adjust or index your actual earnings to account for changes in average wages since the year the earnings were received.

Then the Social Security Administration calculates your average indexed monthly earnings during the 35 years in which you earned the most.

And after that - they apply a formula to these earnings and arrive at your basic benefit, or primary insurance amount.

This is how much you would receive at your full retirement age.So depending on your earning record - it is possible that there are some missing years or earning.

Also additional years of earning might increase your benefits.

If so - that could affect your social security benefit calculations and you may contact the Social Security Administration and verify if all information is correct.

Following publication might be helpful for better understanding the calculations.

So - if your earning during 2015 will be among 35 years in which you earned the most - then your benefits will be increased.

Let me know if that answered your question?


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