Social Security Benefits for Those Turning 66 in 2025: Know All Benefits & More Details :- As you get closer to retirement age, knowing how Social Security payments work can have a big effect on how you plan your finances.
Here’s what you need to know about your Full Retirement Age (FRA) and the perks you might get if you turn 66 in 2025.
Social Security Benefits for Those Turning 66 in 2025
The Full Retirement Age (FRA) for people born in 1959 is 66 years and 10 months. In other words, if you turn 66 in 2025, you’ll have to wait an extra 10 months to hit FRA. Once you do, you’ll be able to get all of your Social Security benefits. The FRA has been slowly going up, so people who plan to retire in the future need to make sure they have enough money saved.
Benefits of Delaying Retirement
Even though you can start getting Social Security benefits as early as age 62, your monthly payments will go down each month after that.
For instance, collecting benefits at age 62 can cut them by up to 30%, which can have a big effect on your finances, especially during times of inflation or sudden costs.
On the other hand, waiting longer to get your benefits than your FRA can make your monthly payments higher. In particular, until you turn 70 years old, your benefits will go up by about 8% for every year you wait to claim after your FRA.
So, if you wait until you are 70 to start getting benefits, your monthly payments may go up by up to 24% more than if you started getting benefits at FRA.
Maximum Benefit at FRA in 2025
The most you can get each month in benefits is $3,822 if you decide to start getting them at age 66 years and 10 months in 2025.
The possible Cost of Living Adjustment (COLA) for 2025 is not included in this number, though. Social Security benefits are changed every year to reflect inflation and the rising cost of living. This is called COLA.
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Cost of Living Adjustment (COLA)
It is thought that the COLA will be about 2.63% in 2025. Even though COLAs are meant to help keep the spending power of Social Security benefits, they don’t always do a good job of doing so. This means that over time, retirees may have less money to spend.
Using the Social Security Statement
You can look at your Social Security Statement online to get a unique estimate of how much money you will get from Social Security in the future. This document gives a thorough breakdown of how much you will be paid each month at different ages, whether you are eligible for disability benefits, and what benefits your spouse and children might get if you die.
When you are planning your retirement, you should carefully think about when to start getting Social Security.
If you file early, you may get money right away, but if you wait, your monthly payments will be much higher, giving you more financial security in later years. Knowing your FRA and what will happen if you delay your benefits will help you make better choices that will meet your financial needs.
FAQs
What is the Full Retirement Age (FRA) for those born in 1959?
The FRA for those born in 1959 is 66 years and 10 months.
How much can I receive in Social Security benefits if I wait until FRA?
At FRA in 2025, the maximum benefit amount can be up to $3,822 per month, plus any applicable COLA.
What happens if I delay my Social Security benefits until age 70?
Delaying benefits until age 70 can increase your monthly payments by up to 24% compared to claiming at FRA.
How does the Cost of Living Adjustment (COLA) affect my benefits?
The COLA adjusts Social Security benefits annually to account for inflation, though it may not fully offset rising costs.
Where can I find a detailed estimate of my Social Security benefits?
You can access your Social Security Statement online to view detailed information about your benefits.