A recent survey by the Nationwide Retirement Institute suggests that very few citizens know how to get the most out of Social Security. Less than half of the adults surveyed knew that application age was a factor in the calculation, and only 4% correctly identified all the relevant variables that determine the age of application maximum profit. This lack of knowledge could be problematic for anyone approaching retirement, since many older people depend on the Social Security to some degree. In fact, the benefits monthly are usually the largest source of income for retirement. Anyone who doesn’t know how to get the most out of their Social Security, could be harmed and reduce their standard of living.
The age at which the request is made of benefits has a profound impact on the benefits of the Social Security for retired workers. In October, the Social Security Administration, made an announcement of an adjustment of the cost of living (COLA) 2.5% for retired employees and others beneficiaries in 2025. That change, along with annual variations to the primary insurance amount formula, means that the benefit maximum of Social Security for retired workers it will increase the following year.
Maximum Social Security benefit in 2025 According to their Ages
The maximum benefit of Social Security at ages 62, 66 and 70 in the year 2025, the Social Security goes through several important changes every year, to maintain the benefits aligned with inflation and general salary levels.
A consequence of these annual changes is that the maximum profit of the Social Security usually increase. Below is the highest payment that retired workers can receive at different application ages in 2025.
- Age 62: $2,831
- Age 66: $3,795
- Age 70: $5,108
Here is something that is important to learn: The age of application has a profound impact on the benefits. At 2025, workers retired that request him Social Security, retired workers who begin to receive benefits at 62 years of age, in other words, retirees who apply for Social Security Those 70 years old next year could receive an additional $27,324 in income for benefits annually compared to retirees who request Social Security at 62 years old.
What Is Needed for Retired Workers to Access the Maximum Social Security Benefit?
The Administration of Social Security uses three variables to determine the benefits For retired workers:
- Work history
- Lifetime income
- Application age. Retirees who optimize the first two variables will receive the greatest possible benefit at a given application age. But retirees who want the absolute maximum payment must apply for Social Security at exactly age 70.
If you receive the Social Security, expect to receive a notice of the new amount of your benefit as soon as early December 2024. Unlike previous years, the notice of COLA It will have a more simplified design and should not contain complex or overly complicated language. Your notice of COLA It will also include: Exact dollar amount of your new benefit, dates of your new benefit amount, any applicable deductions.
You can learn more about its benefits at My Social Security, You can learn more relevant information, here we tell you how to register:
- Open the tab, create an account and enter your email and preferred language and then click submit.
- On the next screen, you will be asked to verify your email address. You can also request that the verification email be sent to you again or change your email address.
- Check your email and look for the Confirm your login.gov email button. Click the Confirm Email Address button to return to the website.
- Now create a password for your account. The password must be a minimum of 12 characters.
- Set up two-factor authentication. You can use an authenticator app, a text message or phone call, backup codes, a physical security key, or a government employee ID. Follow the steps to configure the authentication method you chose and click continue.