According to Vibes.okdiario, The United States Government, via the Social Security Administration (SSA), has announced the schedule for when American retirees will begin receiving the Cost-of-Living Adjustment (COLA) increase and the new maximum payment amounts for 2025.
Timing of the COLA Increase
While Supplemental Security Income (SSI) recipients will see the 2025 COLA increase reflected in their payments as early as December 2024, other Social Security recipients will have to wait until January 2025 to receive their monthly payments with the increased amounts.
Eligibility for the Maximum Payment
To qualify for the maximum Social Security payment of $5,108 in 2025, recipients must meet four essential criteria:
- Sufficient Payroll Taxes: A worker must have jobs that contribute enough payroll taxes to the SSA.
- Earnings Requirement: The worker must have earned the taxable maximum for 35 years ($176,100 in 2025, an increase from $168,600 in 2024).
- Work History: The worker must have worked for a minimum of 35 years.
- Age Requirement: The minimum age to file for SSA retirement benefit payments at the maximum amount is 70.
If an individual has already filed for Social Security but does not meet all these requirements, they will not be eligible for the maximum payment. High earners interested in receiving the largest payment in 2025 can delay their application until they fulfill all the conditions.
Payment Schedule for Social Security in 2025
In addition to the announcement of the 2025 COLA, the SSA has released its updated payment schedule. The first payment of up to $5,108 will be issued in January 2025, with scheduled payment dates on January 3, January 8, January 15, and January 22.
Considerations for SSDI Recipients
It’s important to note that only retired workers can receive the largest benefit payments. Recipients of Social Security Disability Insurance (SSDI) need to apply for disability payments before reaching the earliest filing age of 62, which can significantly reduce their payment amount. In 2024, the largest SSDI payment is $3,822, compared to $4,873 for retirees. Some SSDI and retirement recipients may also need to apply for SSI due to low income, further highlighting the complex landscape of benefits available to Americans.
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