In October, as every year, the cost-of-living adjustment (COLA) for 2025 was announced. Next year, retirees and other Social Security beneficiaries will see a 2.5% increase in their monthly payments. However, not everyone receives the same amount. The payment depends on several variables, such as years worked and the retiree’s age.
A recent survey by the Nationwide Retirement Institute showed that very few Americans know how to maximize their benefits. Therefore, in this article, we will review the maximum amounts a retiree can receive each month at ages 62, 66, and 70, and what is needed to receive the maximum possible amount.
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Maximum Social Security benefit in 2025 at ages 62, 66, and 70
Retirees who will collect the maximum amount next year will receive the following amounts per month:
- Age 62: $2,831
- Age 66: $3,795
- Age 70: $5,108
This demonstrates the significant difference in Social Security benefits depending on the age at which they are claimed. Retired workers at age 70 will receive $2,277 more per month than those at age 62, totaling an additional $27,324 per year.
Requirements to collect the maximum Social Security benefit
The Social Security Administration uses three variables to calculate retirees’ payments: work history, lifetime earnings, and claim age. To reach the maximum figure of $5,108, the beneficiary must have worked for at least 35 years.
Additionally, during those 35 years, they must have earned the highest taxable wage, which in 2025 will be $176,100. As mentioned earlier, they must also wait until age 70 to receive the maximum amount.
Given these conditions, few people take advantage of this maximum payment. Not many wait until age 70 to claim Social Security, and people earning six-figure salaries for most of their lives will have various retirement savings methods without needing to rely on Social Security.
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*This article was written in Spanish and translated with the help of AI.