Applying for Social Security is a critical process for those who want to get their retirement benefits, and with the increase in the COLA (cost-of-living adjustment), this process becomes even more relevant. In 2025, payments will be adjusted, allowing retirees to see a significant increase in their checks. Understanding how to apply for this benefit correctly will ensure that you get your COLA adjustment without hassle.
It is important to familiarize yourself with the process to ensure you meet all the necessary requirements and not miss any important updates regarding your payment. This process can be done online or in person, but having the correct documents on hand will expedite your application.
Knowing the key steps and established deadlines is crucial to getting adjusted payments with the COLA. If you follow each step correctly, you’ll be able to enjoy the increase that will be applied to your retirement.
Steps to apply for Social Security
If you want to apply for Social Security with the COLA increase, follow these steps to complete the process correctly. Make sure you have all the necessary documentation and meet the established deadlines to avoid delays.
- Gather the necessary documentation: It is important that you have your Social Security number, proof of citizenship (if you were born outside the U.S.), and your work history. If you have worked the required number of years, you will be eligible for benefits.
- Decide when to start getting payments: You can apply for Social Security payments as early as age 62. However, if you decide to wait until age 70, the monthly amount will be higher due to COLA adjustments.
- Apply online or in person: If you prefer to apply online, you can visit Social Security’s official website. If you prefer to apply in person, you can go to a local Social Security office.
- Complete the application: When you fill out the application, you will be asked to provide information about your work life, health status, and personal situation. This will allow Social Security to calculate your adjusted COLA payment.
- Confirm and wait for notification: Once you complete the application, you will get a letter with confirmation and details about your payment. Verify that all information is correct.
- Receive your payments: After your application is approved, you will begin to get your COLA-adjusted payments. These payments will be deposited directly into your bank account or sent to you by check, depending on which option you choose.
Remember that completing these steps accurately will ensure that you get your monthly COLA-adjusted payment. If you have questions, you can always contact Social Security for additional assistance.
Maximizing Social Security
Maximizing your Social Security payment is essential to making sure you get the highest amount possible during retirement. There are three main factors that will influence the size of your check:
- Retirement age: The amount you get will increase if you decide to delay retirement until age 70. Monthly payments increase if you choose to wait until this age, resulting in a larger benefit from the COLA.
- Years worked: The amount of your payments will depend on your highest 35 years of earnings. If you do not have 35 years of work, years with zeroes will be taken into account, which will reduce the average. Be sure to work at least 35 years if possible.
- Salary during those years: Payments also depend on how much you have earned during your working years. The higher your salary, the higher your retirement payment will be.
By taking these factors into account, you can not only ensure you get the basic benefit, but also maximize the amount you get. With the COLA, your check will increase year after year, helping you maintain your purchasing power.