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Have you heard about the Social Security $16,728 yearly bonus? 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.

That leads us to the second major reason why holding off until age 67 to collect Social Security benefits makes sense: Your monthly benefit will be higher. SSA will reduce your Social Security benefit by five-ninths of 1% per month for early retirement up to 36 months before your full retirement age.

In that scenario, as a single person your Social Security benefits will start at $1,744 a month, or $20,929 annually, ing to the bankrate.com. If your pay at retirement will be $100,000, your benefits will start at $2,026 each month, which equals $24,315 per year.

For anyone born 1960 or later, full retirement benefits are payable at age 67. The chart below lists the full retirement age by year of birth.

You can upload documents by using the Send Response for Individual Case link on the Electronic Records Express Home page. The upload function is also available while accessing a claimant's electronic folder through the Access Claimant's Electronic Folder link.

If you start receiving benefits at age 66 and 2 months you get 100 percent of your monthly benefit. If you delay receiving retirement benefits until after your full retirement age, your monthly benefit continues to increase. The chart below explains how delayed retirement affects your benefit.

You must have worked and paid Social Security taxes in five of the last 10 years. If you also get a pension from a job where you didn't pay Social Security taxes (e.g., a civil service or teacher's pension), your Social Security benefit might be reduced.

The increase will begin with benefits that Social Security beneficiaries receive in January 2023. Increased SSI payments will begin on December 30, 2022. We mail COLA notices throughout the entire month of December. However, you may not need to wait for your mailed notice to learn your new benefit amount for 2023.

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 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.