The Social Security Administration (SSA) recently implemented a 2.5% cost-of-living adjustment (COLA) increase in May 2025. This change aims to maintain the purchasing power of more than 70 million beneficiaries, who receive varying amounts depending on their individual circumstances.
To understand how much you can expect, consider your 35 highest-earning years and other factors such as your age at claim. The maximum monthly retirement benefits vary:
* At age 62: $2,831 (30% reduction for early claims)
* Upon full retirement age (FRA): $4,018
* At age 70: $5,108 (all-time high with an 8% annual post-FRA bonus)
Social Security benefit averages show significant differences depending on beneficiary type:
* Individual retirees: $1,980.86 per month
* Retired couples: $3,089 per month
* Widows with two children: $3,761
Despite these amounts, only 6% of Social Security beneficiaries reach the maximum monthly payment. To access benefits in 2025, you’ll need at least 40 work credits (equivalent to 10 years of work). One credit is earned for every $1,810 of income.
For disability benefits or survivors, there are additional criteria, such as certified work disability or relationship with deceased contributors. The SSA emphasizes that 62% of retirees rely on these payments to cover at least half of their expenses.
Delaying retirement until age 70 can increase benefits by 76%, but many Americans choose to claim early (43%), and working while receiving pre-FRA benefits reduces payments if your income exceeds $23,400 annually.
Source: https://www.elmira.es/en/social-security-payments-may-2025