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What is the $16,122.00 Social Security bonus most retirees…

quot;What is the $16,122.00 Social...
quot;What is the $16,122.00 Social Security bonus most retirees overlook". I see this a lot on the internet. It might be from The Motley Fool.
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Answered in 10 minutes by:
3/7/2018
emc011075
emc011075, Tax Adviser
Category: Social Security
Satisfied Customers: 3,969
Experience: Tax adviser IRS licensed Enrolled Agent and tax instructor
Verified

Hi. My name is ***** ***** I will be happy to help you.

It is not a real bonus. It basically shows you couple of strategies to maximize your benefits. Some of the information is already outdated since file and suspend is not available after April 2016 and restricted application is only available to people born on or before 1953. Basically, you have to wait until 70 to apply to maximize your benefits. This way you can increase your benefits by up to 32%. Your benefits are based on your earning history and social security does not give bonuses.

emc011075
emc011075, Tax Adviser
Category: Social Security
Satisfied Customers: 3,969
Experience: Tax adviser IRS licensed Enrolled Agent and tax instructor
Verified
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