Social Security confirms when the first payment with COLA of up to $5,108 will be issued
According to Vibes.okdiario, Social Security has already announced the new payments reflecting the Cost of Living Adjustment (COLA) increase. For your information, some retired workers can expect a check or direct deposit of up to $5,108. However, this new payment will be issued in 2025, so retirees will need to wait to enjoy the 2.5% COLA boost. It’s important to note that the largest Social Security payment for retirees in 2024 is $4,873.
First Social Security Payment of Up to $5,108 in 2025
The Social Security Administration has confirmed that the first check or direct deposit for retirees in 2025 will be sent on January 3. This means that January 3 will mark the first payday with potential payments of up to $5,108. However, this maximum amount is reserved for high earners. While other retirees may qualify for a Social Security payment on January 3, not all will be eligible for such a substantial amount.
For instance, if you are receiving both retirement and Supplemental Security Income (SSI) benefits, you will not qualify for the $5,108 payment. The largest payments on January 3 will primarily go to retirees who filed before May 1997.
Requirements to Qualify for the $5,108 Payment
The Social Security Administration has established four key conditions to qualify for the $5,108 payment in 2025:
- Age Requirement: You must apply for Social Security at the age of 70.
- Job Coverage: It is essential to have held jobs covered by the Social Security Administration (SSA), meaning you paid enough payroll taxes.
- Work History: Workers must have a minimum of 35 years of work experience.
- Earnings Threshold: Workers must have earned the taxable maximum for at least 35 years, which is projected to be $176,100 in 2025.
Even if you do not meet all four requirements, striving to fulfill them can still help you secure a higher payment in retirement. Delaying retirement as close to age 70 as possible, ensuring you work for at least 35 years, and aiming for promotions or higher salaries can significantly impact your future benefits.
