There is no "bonus" of any kind that the Social Security Administration offers to retirees as part of their benefits package. For instance, simply because you worked in a certain line of work does not qualify you to get a $5,000 bonus check or the usual benefits you receive. No element of chance is involved when Social Security decides who gets how much money. And there is no legitimate method to deceive Social Security into paying you more than you can receive.

Instead, Social Security payments are distributed according to a predetermined formula that the Social Security Administration uses. This calculation is derived from your total lifetime earnings. However, there are several lawful ways to successfully generate a Social Security bonus for yourself by increasing the benefit amount you are entitled to. These methods include increasing the number of benefits you are eligible to receive. Here are some things to consider while calculating your Social Security amount, in case you are interested. Below you will find how to get a social security bonus.

Increase Your Earnings

Your lifetime earnings are used to calculate your Social Security payout. Specifically, they are calculated based on your average monthly earnings, which may be as much as 35 years' worth of your indexed earnings. This number is used by the Social Security Administration (SSA) to establish your primary insurance amount (PIA), which affects the retirement benefits you will be eligible to receive.

Increasing the money you make throughout your lifetime is a straightforward method for boosting your benefits. If you have a greater income, the Social Security Administration will use it as a starting point for indexing your wages to a higher percentage. If you can retire with a greater monthly benefit from Social Security, you may be eligible for a bonus from the program when you reach retirement age.

If you do not have a continuous work history, it may be very beneficial to strive to raise the amount of money you make annually. The Social Security Administration takes into consideration 35 years of wages. However, years in which you don't record earnings are marked with a "0" in their database. Therefore, if you have a few years when you didn't have any money because you were, for example, at school, increasing your wages for other years might assist in raising your average. This would be the case if you had a few years where you didn't have any income.

Wait Until Age 70 to Claim Benefits

In theory, you are eligible to start collecting Social Security retirement benefits once you reach the age of 62. The caveat is, however, that doing so will lessen the number of benefits you get. You may avoid this circumstance by delaying the start of your benefits claim until you have reached your full retirement age. For most individuals, this is either 66 or 67 years old, depending on when they were born.

However, a third choice is to delay receiving benefits until the age of 70. By taking these steps, you may increase the amount of the Social Security bonus you get as a result of your benefits. If you postpone receiving your benefits over your full retirement age, you will get a bonus equivalent to an increase of 8% every year.

Be Strategic With Spousal Benefits

Both members of a married couple can receive retirement benefits from Social Security, but it is critical to plan the timing of this decision carefully. Again, both partners can begin collecting benefits as early as age 62; however, the lower-earning partner may benefit financially by delaying their benefits until later.

The second spouse's Social Security check can increase if they delay receiving benefits until they reach the age of 70. If any of you are still working, the amount of your expected benefit and the amount of money you get from sources other than Social Security will all determine whether this makes sense.

Make the Most of COLA Increases

Beneficiaries of the Social Security system are eligible for a benefit increase that does not require them to take any action. The purpose of the cost of living adjustments, which the government issues, is to raise the monthly benefit amounts that retirees get from Social Security to assist them in keeping up with the inflation rate. For instance, due to an adjustment for the cost of living, benefits increased by 5.9% for about 70 million people in the United States in 2022.

This "bonus" from Social Security is not truly a bonus; rather, it is the Social Security Administration's method of assisting retirees in keeping up with the growing living costs. In addition, increases in COLA may not necessarily correspond to the general rate of inflation. However, receiving a raise might give you more money to construct your retirement budget. If you discover that you are spending more on medical care or prescriptions as you grow older, this may be useful to you.