In 2025, Social Security benefits for retirees aged 62 could reach $2,831 a month, which is a big increase from previous years. This raise comes from the 2.5% cost-of-living adjustment (COLA) that was announced for next year.
There are, however, things that will affect your monthly payment that you need to push to their limits. It is not as simple as retiring at age 62 and hoping the money will just appear.
Even if you can start getting benefits after working for at least ten years, the amount you get will be based on the average of your salaries over the 35 years when you made the most money, since benefits are higher for people who have made more money over their lifetime.
In the long run, you will get more back from the system the more you put into it. The age at which you retire is an important thing to think about, but we will get to that later.
Social Security announces a significant increase in their checks for seniors
To get $2,831 a month, you need to have worked for 35 years and not had any zeros in your pay. For this, it is best to make as much money as possible, at least the maximum taxable income limit of $176,100 that will be set in 2025.
That way, you could get the most money possible. For people who were born in 1960 or later, remember that their full retirement age (FRA) will be 67. For those who retire at that age, this means that they can only get their full benefit.
At age 62, the minimum retirement age, Social Security benefits are up to 30% less than they would be at age 67. This makes some people start to claim their benefits.
Last but not least, you will get an extra payment if you wait even longer to retire at age 70. But it is not likely that you will want to work that late in life.
It is important to note that your benefits will go up by a certain percentage every month that you wait to start getting Social Security retirement benefits after you reach full retirement age.
The benefit boost stops when you turn 70. Based on data from the Social Security Administration, here is how much your Social Security check grows depending on when you start getting it.
| Beneficiaries Birthdate | 12-month rate increase | Monthly rate increase |
| 1933-1934 | 5.50% | 11/24 of 1% |
| 1935-1936 | 6.00% | 1/2 of 1% |
| 1937-1938 | 6.50% | 13/24 of 1% |
| 1939-1940 | 7.00% | 7/12 of 1% |
| 1941-1942 | 7.50% | 5/8 of 1% |
| 1943 or later | 8.00% | 2/3 of 1% |
When should beneficiaries enroll in Medicare?
If you are old enough to retire, you can start getting benefits before the month you apply. Social Security, on the other hand, can not give you back benefits for any month before your full retirement age or for more than six months ago.
Make sure you only sign up for Medicare at age 65 if you want to put off retirement. If you do not sign up for Medicare by age 65, your coverage may start later or cost more in some cases.
Also, if you retire before age 70, you will not be able to use all of your credits for delayed retirement until January 2025, when you start getting benefits.
For example, if you reach your full retirement age of 67 in June, you might decide to wait to start getting your retirement benefits until you are 69 years old.
The first thing that will come to you will be retirement credits that you earned between the year before your 69th birthday and your FRA. You will get more money in January of the following year for credits you earned in the year of your 69th birthday.
Do not forget that you can use the Social Security Online Calculator to get rough estimates and see how they compare to your credits.
Also, do not forget that you can always call the SSA or log in to your My Social Security Account to get more information. There, you can download financial statements and ask for more questions.
