In 2025, the Social Security Administration is likely to raise monthly payments. This means that the highest benefit for retirees will also go up. The biggest retirement payout is worth $4,873 as of January 2024.
Because elders get 12 payments a year, the most a senior can get from Social Security in 2024 is $58,476. So, once SSA COLA starts to work in 2025, the amount will be more.
In 2025, you will need more than $58,476 in Social Security
Four important things must be met for a worker to make more than $58,476 in 2025. Each of these requirements can help you get more money from Social Security every month. But if you don’t meet all of them, you won’t be able to enter.
You can’t start getting Social Security retirement payments before you turn 70. Make sure you work and pay taxes to Social Security because some jobs aren’t covered by SSA.
work for at least 35 years; sometimes you may need more than that. Earn the base amount of money for contributions and benefits for at least 35 years.
People who don’t know what the contribution and benefit base is might know what the taxable limit is. When you reach that point, you no longer have to pay taxes on any income, because you’ve hit the annual limit.
Get money from Social Security
People who wait to retire until they are 70 get extra money from Social Security. That is the best way for a retired person to get an extra 24% on their monthly payment. If you file early at age 62, your payment will be up to $2,710 less.
You might want to file at Full Retirement Age if you want to get all of your benefits and don’t want to wait to retire. From time to time, you may not be able to quit late because of health problems.
You might be able to get a job paying more even if you can’t find one or start a business that lets you make the most money that’s taxed. The most that can be taxed goes up from $160,200 in 2023 to $168,600 in 2024. The good news is that it will keep growing after COLA.