66-Year-Olds: Meet These Requirements for a $4,018 Social Security Payment

According to Vibes.okdiario, Some 66-year-olds may receive a Social Security payment of $4,018 in January 2025. This significant amount is due to an adjustment by the Social Security Administration (SSA) based on the cost-of-living adjustment (COLA) for the year. Even with a modest increase of 2.5% in 2025, the maximum amounts available at Full Retirement Age (FRA) have seen substantial growth.

Eligibility for the $4,018 Payment

Only a specific group of retired workers will qualify for the larger check. To receive a Social Security payment of $4,018 in January 2025, individuals must meet the following requirements:

• Filing at Full Retirement Age: Applicants must be 66 years and 10 months old in 2025.
• Approval from Social Security: Individuals must have their benefits approved by the SSA.
• Minimum Work History: Applicants must have worked for at least 35 years.
• Earnings History: Individuals must have earned the taxable maximum income for a minimum of 35 years.
• Compliance with SSA Rules: Applicants must adhere to all SSA regulations.
• Covered Employment: Individuals must have held jobs that are covered by the SSA.

It is important to note that this large check will not be available to individuals with average or low lifetime earnings.

Upcoming Payment Schedule

The updated payment schedule for retirees aged 66 will begin on January 3, 2025. To qualify for payment on this date, individuals must have started receiving retirement benefits before May 1997.

Alternatively, individuals receiving Supplemental Security Income (SSI) benefits may also receive their payments on January 3, but this low-income benefit will prevent them from obtaining the larger amount.

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The other payment dates in January are as follows:

• January 8: For those born between January 1 and 10
• January 15: For those born between January 11 and 20
• January 22: For those born between January 21 and 31

Delaying Payments for Higher Benefits

Delaying the filing of Social Security benefits until age 70 can lead to a boost in monthly payments of approximately 24%. In 2025, the maximum benefit payment for individuals who wait until age 70 is projected to be $5,108, an increase from $4,873 after the recent COLA adjustment announced by the SSA on October 10, 2024.

This information is crucial for eligible individuals to maximize their Social Security benefits and plan for their financial future effectively.