On October 10, the U.S. Government and the Social Security Administration announced a cost-of-living increase for 2024 and affecting 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).
More than 71 million people in the country will see an increase in their pay starting January 1, 2025, but how much is the maximum pay for that year?
Maximum Social Security amount in 2025
To receive the maximum Social Security pay, you have to apply for retirement at age 70. This will mean almost 25% more pay if you apply at 66 years and 10 months.
If you retire at age 70, your monthly Social Security retirement pay will be $5,180, a significant amount that will relieve your finances. (See website official)
In the event that you do not want to reach age 70 and want to retire at the full age of 66 years and 10 months, you will receive $4,018 each month provided your salary has been equal to the annual Social Security cap during the best 35 contributory years of your working life.
