How to Get a Social Security Bonus

Social Security is an important part of the retirement income puzzle for many people. Even if retirement is still decades away, it’s important to understand what you can do to maximize those benefits once the time comes. Employing some simple strategies can help you enjoy a Social Security “bonus” when you’re ready to retire. If you’re curious about how to manage a Social Security bonus from start to finish, you may want to consider working with a financial advisor who serves your area.

What Is the Social Security Bonus?

There is no specific “bonus” that retirees can collect from the Social Security Administration (SSA). In other words, you’re not eligible to get a $5,000 bonus check on top of your regular Social Security benefits just because you worked in a specific career. The SSA doesn’t randomly award money to people, and there’s no way to legally trick it into giving you more money.

Instead, Social Security benefits are paid out according to a specific formula, which is based on your lifetime earnings. There are, however, some legitimate ways to effectively create a Social Security bonus for yourself by maximizing the benefit amount you’re eligible to receive.

How to Get a Social Security Bonus

There are many ways to boost yourSocial Security benefits, creating a bonus of sorts. From increasing your earnings to being strategic with your benefits. Here are the four possible options to get more in benefits:

Option 1: Increase Your Earnings

Your earnings are the primary factor determining benefits. Specifically, your earnings are computed using your average indexed monthly earnings, which represent up to 35 years of your indexed earnings. The SSA uses this amount to calculate your primary insurance amount (PIA), which determines how much you receive in retirement benefits.

A simple way to increase your benefits is to increase your lifetime earnings. Making more money means the SSA has a higher starting point for indexing your earnings. This can result in a higher monthly benefit amount when you retire.

Increasing your annual income can be particularly helpful if there are gaps in your work history. The Social Security Administration looks at 35 years of earnings, but a “0” is entered for years in which you don’t report any earnings. So if you have a few years where you didn’t have any income because you were in school, for example, raising your earnings for other years could help to bring up your average.

Option 2: Wait Until Age 70 to Claim Social Security Benefits

Technically, you can begin drawing Social Security retirement benefits at age 62. The catch, however, is that this will reduce your benefit amount. You can avoid this scenario by waiting until your full retirement age to begin taking benefits. This is 66 or 67 for most people, depending on your birth year.

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 up to 8% more each year you delay past full retirement age.

However, although waiting until age 70 to claim Social Security benefits can result in a larger check, you also must consider how realistic that option is. If you plan to keep working until age 70 or beyond, you may not need to tap into your 401(k), IRA or other assets to cover your expenses. But if you plan to retire at 65, you’ll have a five-year gap in which you’ll need to draw on your assets for income.

Option 3: Be Strategic With Spousal Benefits

Married couples can both collect Social Security retirement benefits, but it’s important to consider the timing to get the maximum benefit. While both spouses could take benefits as early as 62, it might pay off for the lower-earning spouse to wait to collect their benefit check.

If the second spouse waits until age 70 to claim benefits, that can result in a larger Social Security check. Whether this makes sense to do can depend on whether one or both of you are still working, your anticipated benefit amount and how much income you have apart from Social Security.

You’d also have to factor in life expectancies. For example, if you’re close to the same age and have similar earnings records, it might make sense for both of you to wait until age 70 to claim benefits if you expect to live longer. But if you’re in poor health and anticipate living fewer years in retirement, then you might be better off taking benefits earlier. Talking to your financial advisor can help you figure out which strategy might make the most sense for you.

Option 4: Make the Most of COLA Increases

Social Security recipients can get an increase in benefits without doing anything at all, thanks to cost of living adjustments (COLA). Issued by the government, these adjustments are designed to increase monthly Social Security benefit amounts to keep pace with inflation. For example, in 2025, benefits rose by 2.5%¹  for more than 72.5 million  Americans  due to a cost of living adjustment.

This Social Security bonus isn’t a bonus, though; rather, it’s the Social Security Administration’s way of helping seniors counter rising consumer prices. COLA increases don’t always match the overall rate of inflation either. Still,  the increase can give you more income for your retirement budget, which can be helpful if you find yourself paying more for healthcare or medications as you get older.

How Income and Taxes Can Reduce Social Security Benefits

Social Security payments are not always received in full. If you earn income from work or other sources, it can affect how much you actually collect—and how much you keep after taxes. 

Here are common ways your income and taxes can cut into the benefits you receive:

• Earning before full retirement age. If you begin collecting benefits before reaching your full retirement age and continue to work, Social Security may withhold part of your monthly checks. This happens when your wages exceed an annual earnings limit. The amount withheld depends on how much over the limit you earn. Once you reach full retirement age, these reductions stop, and your benefit is recalculated to include what was withheld.
• Paying taxes on benefits. Social Security income may be taxed depending on your total income. This includes wages, retirement account withdrawals and other earnings. A portion of your benefits becomes taxable if your income crosses certain thresholds. This taxation is based on federal rules. In some states, additional taxes may apply.
• Drawing on multiple income sources. For retirees with other sources of income—such as part-time work, pensions or investment withdrawals—planning around Social Security is important. You might reduce your tax exposure by spreading out other income, delaying withdrawals or adjusting when you claim benefits.

Bottom Line

The idea that there’s a hidden Social Security bonus isn’t entirely accurate. There’s no magic wand you can wave that will instantly put more benefits in your bank account. However, understanding how Social Security benefits are calculated and what your options are for claiming those benefits can help you to get the most money possible as you prepare for retirement.

Retirement Planning Tips

• Consider talking to a financial advisor about how to manage Social Security within your retirement plan. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
• Social Security isn’t the only way to secure your retirement. You can also build wealth by saving consistently in your 401(k) plan and/or an Individual Retirement Account (IRA). If you’re already contributing to these accounts, you might consider opening a taxable brokerage account online as well. This way, you can save even more toward retirement without being restricted by annual contribution limits.

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