People who are 62 years old can apply for Social Security retirement payments. SSA tells them that most of the time, they get a 30% cut. In 2024, some people who make a lot of money can get up to $2,710. People who retire in 2025 will get an extra 2.5% every month thanks to the COLA raise.
Social Security has said that the rate increase will happen, but it won’t happen until January 2025. In fact, the Agency has said that the biggest gain will be $2,831 for people aged 62 and up.
Who can receive $2,831 from Social Security at 62?
The Social Security Administration has set rules for how to get the most money from your payments in 2025. The highest amount will be $2,831 at age 62, $4,018 at age 70, and $5,108 at age 82. What the highest amounts must be in 2025 after the COLA:
- A worker must file for Social Security (at 62)
- A worker must have earned the taxable maximum for 35 years
- A worker must have had jobs covered by the Administration (paid payroll taxes)
- A worker must have worked for a minimum of 35 years too
You won’t be able to get a check for $2,831 at age 62 if you don’t meet all of these conditions. If you make any changes, your payment amount will go down. They can help you get bigger payments in the future, even if you don’t meet all of them.
When can 62-year-olds receive a payment of up to $2,831?
The SSA’s payment plan for 2025 has been made public. People who filed more than 27 years ago may get their money on January 3, 2025, in the form of a check or direct payment. Because they began getting benefits before May 1997, this is the case.
Rich people, on the other hand, probably won’t get this bonus. Also, people who are retired and get SSI do get paid on January 3. They won’t get $3,831 either because they don’t make enough money.
People who can get up to $3,831 will get paid on January 8, January 15, and January 22. Of course, you had to be born between the ages of 1 and 10, 11 and 20, or 21 and 31. Remember that you can apply for retirement benefits up to a few months before the date you want to start getting them.
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