These are the 69-year-olds that could receive over $4,873 in 2025 from Social Security
As a 69-year-old still in the workforce, you have the opportunity to increase your Social Security retirement benefit payments. Notably, some high earners may even qualify for the largest payment in 2025, thanks to adjustments like the Cost-of-Living Adjustment (COLA).
Current and Future Benefits
As of 2024, the maximum Social Security retirement benefit payment is $4,873. However, this amount is set to increase in 2025. If you meet all necessary requirements, you could receive a higher payment than what is available in 2024. Importantly, for those who delay retirement past their Full Retirement Age, benefits can increase by 8% per year.
Key Requirements for Higher Payments
If you are 69 years old and want to qualify for more than $4,873 in Social Security payments in 2025, you must meet the following criteria:
- Employment History: You must have held jobs covered by the Social Security Administration (SSA).
- Payroll Taxes: You need to have paid enough payroll taxes to the SSA.
- Retirement Application: You must apply for Social Security benefits at age 70.
- Contribution Record: You should have earned the contribution and benefit base for at least 35 years.
- Work Duration: A minimum of 35 years of work experience is required.
Average Payments for 69-Year-Olds
As of July 2024, the average retirement benefit payment is approximately $1,919 for all retired workers. For those aged 69, the average benefit is slightly higher, around $1,950. This indicates that while there is a small difference between the overall average and the amount for this specific age group, many individuals may still find themselves receiving lower benefits.
Supplemental Security Income Options
If you are receiving a lower Social Security payment at age 69, consider applying for Supplemental Security Income (SSI). This program can offer an average payment of about $695. For those who qualify for the maximum SSI amount, benefits can reach up to $943 for individuals and up to $1,415 for married couples.
Delaying Retirement for Increased Benefits
If you cannot achieve the maximum benefit of $4,873, remember that you can still delay your retirement until age 70. This strategy allows you to accrue an additional 8% per month on your benefits, maximizing your payout when you do retire.
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