Welfare
Good news for Social Security beneficiaries: This is the new maximum amount starting in January 2025
Social Security beneficiaries have several reasons to be optimistic, thanks to a series of changes announced by the Social Security Administration.
Social Security beneficiaries will see a 2.5% cost-of-living adjustment (COLA) starting in January 2025. This increase, which averages out to about $50 more per month for retired workers on average, is designed to help beneficiaries keep up with the rising cost of living, even as inflation cools down from recent highs
According to the official SSA payment table, for 2025, the maximum benefit at age 62 will be $2,831; at age 65, $3,374; at age 66, $3,795; at age 67, $4,043; and at age 70 and older, $5,108.
To get a rough estimate of what your monthly payments will be next year, multiply your current benefits by 1.025.
How to claim this maximum amount
To calculate your retirement money, the SSA will examine at least 35 years of work. You must earn or exceed the salary cap in each of those 35 years.
In addition, you must pay Social Security payroll taxes on the maximum taxable income in those 35 years of highest earnings. The amount changes every year. In 2025, the number will be more than $160,200.
- Must have been earning the highest taxable wage for 35 years of your working life and
- Waited until the age of 70 to file for Social Security.
In reality, very few Americans will claim this amount. People earning salaries in the six-figures for the majority of their life will have money saved by various methods for retirement without the need to access social security.
Get your game on! Whether you’re into NFL touchdowns, NBA buzzer-beaters, world-class soccer goals, or MLB home runs, our app has it all.
Dive into live coverage, expert insights, breaking news, exclusive videos, and more – plus, stay updated on the latest in current affairs and entertainment. Download now for all-access coverage, right at your fingertips – anytime, anywhere.