Qualifying for Social Security retirement benefits. You qualify for Social Security retirement benefits by accruing at least 40 work credits throughout your career. A work credit

Some Social Security recipients will receive their October payment this week. Benefits administered by the Social Security Administration (SSA) are paid on a monthly basis. With tens of millions getting checks every month,

Social Security's wealthiest beneficiaries take in $4,873 per month from the program in 2024. That's more than $58,000 annually. Some households may even get more if they have more than one person claiming benefits.

The maximum Social Security retirement benefit in 2025 will be $5,108 per month, or the equivalent of $61,296 per year. Here's who can expect to receive that much next year. To determine exactly how to receive the maximum benefit next year, it's important to understand how the government calculates Social Security benefits.

Tens of millions of older Americans will see a 2.5% increase in benefits this January when a cost-of-living adjustment is added to Social Security payments.

The extent to which your monthly Social Security payments will increase in 2025 will hinge on a few factors. These include an official COLA number, whether you're enrolled in Medicare, and whether the cost of Part B rises in 2025.

The second round of October’s Social Security payments, worth up to $4,873 for the highest-income earners who retire at 70, goes out to a group of retirees in four days. Here is everything you need to know about this month’s Social Security payments, which go out in three rounds.

The smaller increase for 2025 reflects moderating inflation. Retirees voiced concern that the increase would not be enough to counter rising costs.

With inflation easing, the 2025 COLA, or cost-of-living adjustment, will be smaller than what Social Security recipients have seen in recent years.

This adjustment will be the smallest since 2021, which saw a COLA of 1.3%. While many retirees may be disappointed at the smaller raise, there's still good news ahead. Read More:

New Yorkers will see the smallest rise in their Social Security cost-of-living adjustment (COLA) since 2021 next year.