The average payment that will be given to the 60-year-old retirees with effect from January 2025 amounts to $2,118. Meanwhile, the total average sum to be gotten per person may be different because some still manage to qualify in 2023 to the tune of up to $5,108 as of January.
Requirements for Social Security
Meeting the criteria is important to receive any part of the $5,108 benefit in January 2025. These are under the general social security qualification, among many, and you must be 70 years old. As has already been said, the applicant must have a 35-year history of work, all of which should have been administered by the SSA (Social Security Administration). You must be quoted in the greatest amount within these 35 years as taxes. Then, the check, if not received yet, will be delivered.
Eligibility for Social Security Payments
Only those who were born on the 11th and 20th will receive benefits from 15 January. Keep in mind that only the remaining two receive benefits not falling under SSI and Social Security not before 1997.
About the 22nd of January, retirees from January 21st to the 31st should get their last payments. Therefore, if someone applies for Social Security at or after 62 years old, then regardless of age, they will be recollected for January 15 or 22.
If you received your own payment in January on either the 3rd or 8th of the month, then for sure, you have passed your first monthly installment in the year, but not in the following month; the first payment for February has to be issued on February 3, and the second Wednesday payment will be issued on February 12, 2025.
Lower Social Security payment
If one didn’t get much revenue, the January payment will be closer to the average payment level. The December average payment was $1,927. By 2025, the inclusion of COLA (Cost of Living Adjustment) would raise monthly payments for retirees to somewhere near $1,976 even more. The COLA would raise the payout by a high average of $49 per month—more money that they could use to adjust to those higher standards of living.
What is the situation for higher-income retired employees?
Some of the high-income retirees would claim at age sixty-two or full retirement age (FRA). For this reason, they could be getting those SSI payments of $3,831 at 62 and $4,018 at the age of 66 years and 10 months, respectively.
Conclusion
Now, if you’re seventy years old and have not yet claimed your Social Security benefits, that means you could receive up to $5,108 in January 2025, helping out if meeting all requirements. You could probably receive less than the average income, with less earnings and if you claimed Social Security before it, but by virtue of the COLA change, you would receive additional funds to at least maintain your standard of living.
Therefore, learn more about Social Security benefits and ensure that you fulfill all the requirements to get the highest payment in January 2025.
FAQs
Q. What is the average Social Security payment for retirees aged 70 in January 2025?
A. The average payment is around $2,118, but it could be higher if certain requirements are met.
Q. How can retirees get the maximum payment of $5,108?
A. Retirees must file at age 70, work 35 years in SSA-covered jobs, and earn the taxable maximum for 35 years.
Q. Who is eligible for Social Security payments on January 15 and 22?
A. Retirees born between the 11th-20th (January 15) and 21st-31st (January 22) are eligible, based on their birthdates.
Q. What is the impact of COLA on Social Security payments?
A. COLA adjustments increase monthly payments to help offset inflation, adding approximately $49 to the average payment in 2025.
Q. When will the first Social Security payment of February 2025 be issued?
A. The first February payment will be issued on February 3, followed by another on February 12.