The U.S. Government and the Social Security Administration stated on October 10 that the cost of living will go up in 2024 and 2025.
This cost-of-living adjustment, better known as a COLA, has been set at 2.5% for 2025 based on the Consumer Price Index for Wage Earners and Urban Employees (CPI-W).
Starting January 1, 2025, the pay of more than 71 million people in the country will go up. But how much is the highest pay that year?
Maximum Social Security amount in 2025
If you want to get the most money from Social Security, you have to quit at age 70. If you apply at age 66 years and 10 months, you will get almost 25% more money.
If you retire at age 70, you will get $5,180 a month from Social Security. This is a big amount that will help your funds. (See the main website)
Should you decide not to wait until age 70 and instead retire at the full age of 66 years and 10 months, you will get $4,018 every month as long as your pay was at least the annual Social Security cap for the 35 best years of your working life.
Also see:-New Supplemental Security Income (SSI) payments of $966 per month to arrive in 2025