OLD AGE CHECK: These are the 69-year-olds that could receive over $4,873 in 2025 from Social Security
According to Vibes.okdiario, For those approaching retirement, particularly 69-year-olds, there’s an opportunity to maximize Social Security benefits in 2025. If you’re among the highest earners, you might be able to secure the largest possible payment. Here’s a look at how you can achieve this and what you need to know.
Increased Social Security Payments for High Earners
As of 2024, the maximum Social Security retirement benefit is $4,873 per month. However, this figure will increase in 2025 due to cost-of-living adjustments (COLA). For high earners who meet all the necessary requirements, it’s possible to receive a higher payment than $4,873 in 2025. If you delay claiming benefits past your Full Retirement Age, you can increase your benefits by 8% per year.
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Requirements to Receive Over $4,873 in 2025
To qualify for a payment exceeding $4,873 in 2025 at age 69, you must meet several stringent requirements:
- Work History: Your jobs must have been covered by Social Security Administration (SSA).
- Payroll Taxes: You must have paid sufficient payroll taxes to the SSA.
- Application Age: You need to apply for Social Security at age 70.
- Earnings Record: You must have earned the contribution and benefit base for at least 35 years.
- Work Duration: You must have worked for a minimum of 35 years.
Current Average Social Security Benefits
As of July 2024, the average Social Security retirement benefit is $1,919. For 69-year-olds, the average benefit is approximately $1,950. This is only a slight increase compared to the average for all retirees. If your Social Security payment is lower than this average, you might be eligible for Supplemental Security Income (SSI).
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Supplemental Security Income (SSI) Options
Supplemental Security Income can provide additional support if your Social Security payment is low. The average SSI payment is around $695, with the maximum amount being $943 for individuals and up to $1,415 for married couples. Even if you can’t reach the highest Social Security benefit, delaying retirement until age 70 can still provide an 8% increase in benefits each month.
