First of all, all American workers should have other sources of income apart from Social Security in retirement. This is somehow a supplement to make up for the reduction in earnings they may get when they stop working.
Do not forget that COLA increases may not be enough to make up for the loss of buying power in retirement. Some increases may be high but most are quite low and may not be efficient in reducing this purchasing power loss. Then, making the most of your retirement benefits would be essential.
How to get over $4,873 from Social Security in 2025 after COLA
Those who would like to receive the largest retirement benefit payment in 2025 need to know that there are 4 essential requirements. As COLA increases payments, it also becomes more challenging to achieve this goal.
This is because workers who want a payment of over $4,873 in 2025 must have earned the taxable maximum for 35 years. The figure for the taxable maximum (contribution and benefit base) for 2024 is $168,600.
After the upcoming COLA boosts, it will also be higher. Since you need to earn so much money for 35 years, many workers can’t simply qualify for this large check in retirement in 2025.
3 other requirements to get the largest Social Security after COLA
Apart from getting the taxable maximum for so many years, you must also apply for Social Security when you are 70 years old. In this way, you will be able to benefit from delayed credits.
These delayed credits can boost your monthly payment by about 24%. A more than necessary boost if you need this extra money to get by. For your information, the jobs you have must be covered by Social Security.
Last but not least, the number of years you must work for is also fundamental. If you have not worked for at least 35 years in the USA, your retirement payment will be reduced.