Are you wondering how the recent cost-of-living adjustment for Social Security benefits in 2025 will affect you? At Extreme Investor Network, we have all the information you need to maximize your Social Security benefits and secure your financial future.
The 2.5% cost-of-living adjustment for 2025 means that millions of Social Security beneficiaries will see an increase in their monthly benefits starting in January. The maximum Social Security benefit for a worker retiring at full retirement age will jump to $4,018 per month, up from $3,822 per month in the previous year. On average, retirement benefits will increase by about $50 per month, with the average monthly benefit for retired workers expected to be $1,976 in 2025.
So, who gets maximum Social Security benefits? Generally, those who have had maximum earnings throughout their entire working career. This includes a small number of people who have consistently earned wages up to the threshold needed to receive the maximum retirement benefit. It’s important to note that very few people start out at age 21 earning the maximum level, so it’s essential to plan and strategize to maximize your benefits over time.
To increase your Social Security benefits, consider delaying your claim until age 70. By waiting from full retirement age (either 66 or 67) up to age 70, you can receive an 8% benefit boost per year, resulting in a 77% increase in benefits from age 62 to 70. However, it’s crucial to evaluate your individual circumstances, including your spouse and any dependents, before making a decision on when to claim your benefits.
At Extreme Investor Network, we emphasize the importance of creating an online My Social Security account to review your benefit statements and earnings history. This information is used to calculate your benefits, so it’s essential to ensure its accuracy. If you find any discrepancies, contact the Social Security Administration to correct them promptly.
Maximizing your Social Security benefits is a key part of securing your financial future. Stay informed and make strategic decisions to make the most of your retirement benefits. Visit Extreme Investor Network for more personalized finance tips and insights to help you achieve financial success.