The Social Security benefit is a payment that depends on different factors. The retirement check is totally different for each and every United States citizen. Getting a larger check depends directly on the work history of each retiree. Thus, getting the maximum payment is possible, but it is not within the reach of every American.
Still, it is certain that each of the Social Security checks will increase in the coming year 2025. This is due to the increase through the COLA. Thanks to this system, Americans will get some extra money in the next year. Therefore, this year’s maximum will not be next year’s maximum, but the way to get it will be the same.
How do you get the Social Security maximum?
The Social Security payment depends on the work history of each citizen, as we have already mentioned. In this sense, there are three factors that influence the work history. If we control these three factors and maximize them, the maximum retirement check will be for us.
The three factors to take into account are:
- Retirement age.
- Years worked.
- The salary during those years.
If we take into account that the minimum retirement age is 62, we already know that at that age we can request payment. However, it is not a good idea to do this, since it is better to wait a few more years. The ideal way to get the maximum payment is to hold out until the age of 70 working. Only then will we get the maximum check of $4,873 in 2024.
Even so, doing this does not guarantee that we will reach that amount. In order to reach it, we must also have worked a minimum of 35 years at a high salary. Only if we maximize these three elements will we have the highest possible retirement payment. Even if we don’t get the maximum check, the truth is that we can still have a good monthly payment if we take all these factors into account.
How much will Social Security payments increase in 2025?
The COLA will cause Social Security checks to increase in the next year, but we can’t yet know what the exact percentage of this increase will be. In order to know this with complete certainty what we must do is wait until mid-October.
In October the United States Government will announce the exact amount of the COLA increase for retirement payments. What we can be sure of is that the payment will reach a figure higher than the maximum $4,873 we collect in this year 2024.