No, Social Security recipients will not receive a bonus payment in September (2024)

FAQs

No, Social Security recipients will not receive a bonus payment in September? ›

September is an important month for Social Security recipients for a couple of reasons — one of which is that it's the final month of U.S. inflation data used to determine next year's cost-of-living adjustment (COLA). The other reason is that certain Social Security recipients will get two checks in September 2023.

September is an important month for Social Security recipients for a couple of reasons — one of which is that it's the final month of U.S. inflation data used to determine next year's cost-of-living adjustment (COLA). The other reason is that certain Social Security recipients will get two checks in September 2023.

Millions of Supplemental Security Income (SSI) recipients will get two payments in September, but this is due to the calendar — it is not a bonus payment. Social Security was created in 1935 to pay retired workers age 65 or older a continuing income after retirement.

This is 66 or 67 for most people, depending on when you were born. But there's a third option: Delay benefits until age 70. In doing so, you can get a Social Security bonus in the form of a higher benefit amount. The bonus is worth roughly 8% more for each year you delay benefits past full retirement age.

The bonus payment, therefore, constitutes "wages" under the Social Security Act and is earnings for purposes of determining whether any monthly social security benefit is not payable.

There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.

Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. You may have heard that Social Security income is not taxed after age 70; this is false.

A surviving spouse or child may receive a special lump-sum death payment of $255 if they meet certain requirements. Generally, the lump-sum is paid to the surviving spouse who was living in the same household as the worker when they died.

A surviving spouse, surviving divorced spouse, unmarried child, or dependent parent may be eligible for monthly survivor benefits based on the deceased worker's earnings. In addition, a one-time lump sum death payment of $255 can be made to a qualifying spouse or child if they meet certain requirements.

How to get $3,000 a month in Social Security? ›

Earnings of just $5,703 per month, or less than $68,500 per year, would suffice to get you to the point at which claiming Social Security at 70 would pay you that $3,000 per month amount.

You can receive a lump sum payment of up to six months of retirement benefits. Full retirement age is 66 for those born in 1943-1954, over age 66 on a sliding scale for those born after 1954-1959, and 67 for those born in 1960 or later. The lump sum option isn't available to those claiming benefits before FRA.

You would not be required to file a tax return. But you might want to file a return, because even though you are not required to pay taxes on your Social Security, you may be able to get a refund of any money withheld from your paycheck for taxes.

One must either be over the age of sixty-five, blind and/or disabled. Additionally, they must have a limited income and resources as the program is need-based and aims to assist beneficiaries to cover basic costs for food and shelter.

We reduce your benefits if you start early by about 0.5 percentage points on average for each month you start receiving benefits before your full retirement age. For example, if your full retirement age is 67, and you sign up for Social Security when you're 62, you would only get about 70% of your full benefit.

Because bonuses are earned income, they are subject to taxes.

CalFresh Expansion serves California seniors that are at least 60 years old and have low-income regardless if they receive SSI or SSP benefits. Contact the Area Agency on Aging in your area to learn if you qualify.

If you received extra money from Social Security this month, one possible explanation is that the payment is for the back benefits you are owed by the Social Security Disability program.

We may pay a one-time emergency advance payment to an individual initially applying for benefits who is presumptively eligible for SSI benefits and who has a financial emergency.

October is one of those weird months for Social Security payments, depending on what kind of benefits you qualify for. If you get regular retirement checks, you can expect to receive them as normal.