Learning the ropes of the Social Security Administration can definitely boost your monthly payments. For example, if you are 65 years old in 2024 and you turn 66 in 2025, here are a few things you need to know.
Bear in mind that your Full Retirement Age (FRA) will be 66 years and 10 months in 2025. Therefore, it is going to increase in 2 months once 2024 is over. This is the only age when you can receive 100% of your monthly benefits.
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Social Security after FRA
The amount you could get in retirement can be increased by 8% if you delay filing for just 1 year. Those who wait to apply for Social Security until they are 70 can receive a 24% extra per month.
Those who opt for early filing at 62 can lose a great deal of money since there is a 30% reduction. This reduction can harm their financial situation if they rely on retirement benefits because inflation and hidden expenses can drain their savings.
Needless to say, you should only apply when it suits you best. But if you want to get as much money as possible, delay filing until you are 70. This is when you can receive up to $4,873. But how much can you receive at 66 and 10 months in 2025?
Social Security maximum benefit at FRA in 2025
Those who start getting retirement benefits at 66 years and 10 months old in 2025 can receive up to $3,822 plus the 2025 COLA increase. Since the Cost of Living Adjustment is still uncertain, it will be slightly higher.
Keep in mind that the 2025 COLA projection is about 2.63%. So the boost many retirees expect may not come and the figure may disappoint many. COLAs try to maintain retirees buying power, but they do not seem to be efficient.
Social Security can show you the amount of money you can earn by simply using a Statement. There, you will find the future payment amount at different ages and if you qualify for disability benefits or if your spouse and children can get survivor benefits.