The biggest retirement benefit payments in U.S. history will be made by the government through the Social Security Administration.
This big payment will not be sent until the new year, 2025, which is a shame. But some people who are 69 years old may still be able to get this retirement bonus.
This is what the Social Security Administration said about the new maximum amounts that will be paid after the COLA raise from December 31, 2024, onward.
Supplemental Security Income recipients will be the first people in the U.S. to get this cost-of-living increase. Of course, their monthly payment will be a lot less. For people who get the boost, it will go down to $967.
Exact date to receive the largest Social Security payment in U.S. history
Since retirees will get the most money in benefits. It is important to look at the dates of their paychecks that the Administration has set for January 2025. On January 3, 2025, you will be the first person to get a big check from the Agency.
This payment, however, is only for people who started getting retirement benefits before May 1997. You will only get a small check if you are eligible for both SSI and retirement.
Remember that SSI is only given to Americans with low incomes. The other times you can get paid with big checks if you qualify are on:
January 8: for people born between January 1 and January 10
January 15: for people born between November 11 and January 20
January 22: for people born between January 21 and December 31
Largest Social Security payment amount and eligibility
The Social Security Administration has announced that the biggest payment ever made in the U.S. will be $5,108. Keep in mind that the biggest retirement payment you will get is $4,873 in 2024.
But what do the Agency’s rules say I need to do to get $5,108 in 2024? The first one is to start getting retirement benefits in 2025, when you turn 70 years old. Second, you will need to send enough paycheck taxes to SSA.
In third place, you need to work for 35 years and make the contribution and benefit base during that time. The highest amount of money that can be taxed is $168,600 in 2024 and $176,100 in 2025.