The United States government, through the Social Security Administration, will make the largest retirement benefit payments in US history.
Unfortunately, this large payment will not be delivered until the new year of 2025. However, some 69-year-olds may still be able to qualify for this retirement benefit.
The Social Security Administration has announced and confirmed the new maximum amounts following the COLA increase beginning December 31, 2024.
The first Americans to receive this cost-of-living adjustment will be those on Supplemental Security Income. Of course, their monthly payment will be significantly lower, reaching up to $967 for those receiving the boost.
Exact date to receive the largest Social Security payment in U.S. history
Retirees will receive the largest benefit payments. It is critical to review 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 January 3, 2025.
However, this payment is only for those who began receiving retirement benefits prior to May 1997. And if you are eligible for both SSI and retirement, you will only receive a small payment.
Keep in mind that SSI only goes to low-income Americans. Other paydays with large checks, if eligible, will include:
- 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
The Social Security Administration has confirmed that the largest payment in US history will be $5,108. Remember that the largest retirement benefit payment is $4,873 in 2024.
But what are the requirements that the Agency has set for receiving $5,108 in 2024? The first is to apply for retirement benefits at the age of 70 in 2025. Second, you must pay enough payroll taxes to the Social Security Administration.
Third, it is critical to work for 35 years and earn a consistent contribution and benefit base. This is the taxable maximum, which is $168,600 in 2024 and $176,100 in 2025.
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