First, everyone who works in the United States should have other ways to make money when they leave besides Social Security. This is some kind of extra money to make up for the less money they might make when they stop working.
Don’t forget that COLA raises might not be enough to make up for the fact that you won’t be able to buy as much when you retire. There may be some big price hikes, but most of them are likely to be small and may not help stop this loss of spending power. Then it would be important to get the most out of your retirement perks.
How to get over $4,873 from Social Security in 2025 after COLA
If someone wants to get the biggest retirement payment in 2025, they need to know about 4 important rules. Along with rising COLA payments, it gets harder to reach this goal.
This is because workers who want more than $4,873 in 2025 must have made the most they could be taxed for 35 years. The most that can be taxed in 2024 (combined contribution and benefit amount) is $168,600.
It will also be higher after the next COLA increases as well. Many workers won’t be able to get this big check when they retire in 2025 because they have to work for 35 years and make that much money.
3 other requirements to get the largest Social Security after COLA
In addition to getting the most tax-free income for a certain number of years, you have to sign up for Social Security when you turn 70. Because of this, you will be able to get delayed points.
These late credits can add about 24% to your monthly payment. More than enough of a boost if you need the extra cash to get by. Just so you know, the jobs you have must be covered by Social Security.
Last but not least, the length of time you have to work is also very important. Your retirement payment will be less if you haven’t worked in the US for at least 35 years.