Maximum Social Security Payment for Full Retirement Age Workers After 2025 COLA
According to Vibes.okdiario, Over 72.5 million Americans are set to benefit from the Social Security Cost-of-Living Adjustment (COLA) increase for 2025. However, this 2.5% boost will not take effect until January 2025, meaning that payments for retirees will remain unchanged during October, November, and December of this year.
Benefits for Retirees in 2024
For retirees who file at Full Retirement Age (FRA) in 2024, the maximum Social Security benefit they can receive is $3,822. While they will receive 100% of their entitled benefits, they miss out on potential delayed retirement credits, which could have increased their benefits to $4,873 had they chosen to file at age 70 in 2024.
Maximum Social Security Payment for 2025
The maximum Social Security benefit payment for workers who retire at Full Retirement Age in 2025 will be $4,018, an increase from $3,822. It’s important to note that Full Retirement Age varies for different individuals.
For example:
- In 2024, the FRA is 66 years and 8 months.
- In 2025, it will increase to 66 years and 10 months.
- Individuals born in 1960 or later will have an FRA of 67.
As such, the traditional 65 years is no longer considered the Full Retirement Age in the United States.
Also read: U.S. Government Announces Social Security Payments Up to $5,108 in 2025
How to Achieve the Maximum Payment of $4,018 in 2025
To qualify for the highest Social Security payments in retirement, individuals must meet specific requirements, including:
- Filing for Social Security at Full Retirement Age (66 years and 10 months in 2025).
- Working for a minimum of 35 years. In some cases, individuals may need to work longer if they do not meet other criteria.
- Earning the contribution and benefit base (taxable maximum) for those 35 years.
- Working in jobs that pay payroll taxes, ensuring coverage by the Social Security Administration (SSA).
How to Monitor Future Social Security Payments
To get an idea of what your future Social Security payments could be, you can easily download your Social Security Statement. This resource will show potential earnings at different retirement ages and help you determine the best time for retirement.
