The United States Government, through the Social Security Administration, will issue the largest retirement benefit payments in U.S. history. Unfortunately, this huge payment will not be delivered until the new year, 2025, comes. However, some 69-year-olds may still have a chance to qualify for this retirement benefit.
The Social Security Administration has announced and confirmed the new maximum amounts after the COLA increase that will take place from December 31, 2024, onward. The first Americans to receive this cost-of-living adjustment will be Supplemental Security Income recipients. Of course, their monthly payment will be much lower and it will be up to $967 for individuals with the boost.
Exact date to receive the largest Social Security payment in U.S. history
Since the largest benefit payments will be for retirees. It is essential to check the paydays that the Administration has set for them in January 2025. The first day to receive a large check from the Agency will be on January 3, 2025.
However, this payment is only for those who began receiving retirement benefits before May 1997. And if you qualify for both SSI and retirement, you will only receive a small check.
Bear in mind that SSI is only sent to low-income Americans. The other paydays with large checks if eligible will be on:
- January 8: for those born from 1-10
- January 15: for those born from 11-20
- January 22: for those born from 21-31
Largest Social Security payment amount and eligibility
As for the largest payment amount in U.S. history, the Social Security Administration has confirmed that it will become $5,108. Remember that the largest benefit payment in retirement is $4,873 in 2024.
But what are the requirements that the Agency has set to receive $5,108 in 2024? The first one is to file for retirement benefits at the age of 70 in 2025. Secondly, you will have to pay enough payroll taxes to SSA.
In the third place, it is essential to work for 35 years and earn the contribution and benefit base all those years. This is the taxable maximum and it is $168,600 in 2024 and $176,100 in 2025.