The new Social Security payments coming in October will come with the 2024 COLA added, but United States citizens who also collect a check in 2025 will see another extra COLA added. Thus, in the next year we will have larger retirement payments.
So, we find that Social Security retirement checks in 2025 will not have a maximum of $4,873, but will go beyond that. This new COLA is yet to be confirmed, but all indications are that we already have a ballpark figure that will have us enjoying a nice benefit in just a few months.
How to get the largest Social Security in 2025?
The first thing to keep in mind when planning our Social Security check is that it doesn’t matter what type of benefit or check we collect to get the COLA each year. So, if we are already collecting retirement payment in 2025 we will get a little extra money each month thanks to the Cost of Living Adjustment.
However, if we have not yet retired we need to consider the following three things:
- Retirement age.
- Years worked.
- Salary as a worker.
Adding these three elements we will obtain the result of the monthly Social Security check. To reach the highest possible figure, which is $4,873 but will undoubtedly be higher in 2025, we must work a minimum of 35 years with a high salary and retire at 70 years of age.
Only then could we get the biggest check, but that does not mean that if we do not reach those numbers we will have a small check. In addition, we should also keep in mind that if our Social Security benefit is small we can always get other extra benefits such as Supplemental Security Income or SNAP Food Stamps from the USDA.
What will Social Security’s 2025 COLA be?
In the coming year 2025 we will have a larger check from Social Security thanks to the COLA, but we do not yet know the official amount to calculate the money we will get in benefits. All indications are that the checks will increase by about 2.5% due to inflation in recent months.
This means that those with a maximum check will get a payment of $4,994 at most. Anyway, we have to wait a few more days before we can determine what the final COLA 2025 will be. Social Security will announce the final figure in mid-October.