A wild claim is circulating the internet purporting that a $16,728 ‘bonus’ could be being paid to Social Security recipients. Watch out! This is no more than a hoax or wilful misinformation that is sadly spreading many platforms and social media outlets.
The Social Security Administration, however, has made no such notice nor does it provide any disclosure about the payment of a $16,728 bonus or some other kind of additional payment to be paid out to Social Security beneficiaries.
The claims that this was a $16,728 Social Security “bonus” rely heavily on suspect web outlets and pieces from sources online, virtually none of which have any solid evidence that such a payment ever occurred. The sources usually involve sketchy information and are without any type of confirmation from the SSA or other authorities official enough.
How your benefits are computed in Social Security Administration
In that respect, equally important would be the framework within which to apply the overall formula in calculating and adjusting benefits under the Social Security Act. The amount of monthly benefit, or Primary Insurance Amount (PIA) under the program, would be computed based on an individual’s lifetime wages using a formula devised by the SSA. This is the minimum amount under the ordinary Social Security accounts and is not a “bonus” payment.
Factors determining amounts
Several factors determine how much an individual may get in Social Security benefits: the number of years a person works, his or her highest 35 years of earnings, and when he or she decides to start receiving benefits (which may be before or after full retirement age). To ensure the value of the benefits does not deteriorate, adjustments are annually made due to inflation.
No special “Bonus” payment
Assuming that the benefit is not increased magnificently by retiring later, perhaps there are some strategies by which people can raise their Social Security benefit by working longer, and perhaps by having higher lifetime earnings, but that benefit is increased in neither case because of some special “bonus” advantage plus another of the benefits. In fact, it is derived from a distinctly spelled out formula—certainly not from a promise of some great lump sum to be added to the periodical benefit.
Perhaps this is a misreading of the accompanying commentary on Social Security. For instance, with an increase in the adjustment for the cost of living, average Social Security benefits will increase, from $1,790 to $1,847.30 in 2024. This is not one “bonus” payment, of course, but rather a typical yearly adjustment for inflation.
In simpler terms, “There is no foundation for the $16,728 bonus payout claim to Social Security recipients.” Strong sources, though—aside from the Social Security Administration—maintain just this “There is no such payout. Recipients associated with Social Security must pay no attention to rumors which do not have a factual basis, instead relying on the Social Security Administration’s information with regard to their benefits or changes therein.”
