Social Security 2025: Here’s the biggest possible benefit for retirees at ages 62, 66 and 70

In October, the Social Security Administration announced a 2.5% cost of living adjustment. (COLA) for retired workers and other beneficiaries in 2025. This change, along with annual changes to the primary insurance amount formula, means that the maximum Social Security benefit for retired workers will increase next year.

However, a recent survey from the Nationwide Retirement Institute suggests that very few Americans know how to maximize Social Security. Less than half of the adults surveyed were aware that claim age factored into the calculation, and only 4% correctly identified all the relevant variables that determine the maximum benefit.

This knowledge gap could be problematic for anyone approaching retirement, as most seniors depend on Social Security to some extent. In fact, monthly benefits are often the largest source of retirement income. Anyone who doesn’t know how to maximize their social security they could change themselves and lower their standard of living.

Read on to see the maximum Social Security benefit at ages 62, 66, and 70 in 2025. I’ll also discuss what it takes to get the maximum payment.

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The maximum Social Security benefit at ages 62, 66 and 70 in 2025

The Social Security program undergoes several major changes each year to preserve them BENEFITS aligned with inflation and general wage levels. One consequence of these annual changes is that the maximum Social Security benefit generally increases. Listed below is the highest payment that retired workers can receive at various claim ages in 2025.

• Age 62: $2,831
• Age 66: $3,795
• Age 70: $5,108

There is an important lesson here: claim age has a profound impact on benefits. In 2025, retired workers who claim Social Security at age 70 could receive $2,277 more each month than retired workers who start benefits at age 62. In other words, retirees who claim at age 70 next year could receive an additional $27,324 in annual benefits compared to retirees who claim at age 62.

What it takes for retired workers to qualify for the maximum Social Security benefit

The Social Security Administration uses three variables to determine benefits for retired workers: (1) work history, (2) lifetime earnings, and (3) claim age. Retirees who optimize the first two variables will receive the largest possible benefit at a given claim age. But retirees who want the absolute maximum payment must apply for Social Security exactly at age 70. Details are provided below:

• Work history: The benefits formula use the earnings of 35 years of highest paying work to find primary insurance amount (PIA) for each pensioner. PIA is the payment a person will receive if they claim Social Security full retirement age (FRA). Workers who spend less than 35 years in the workforce have zeros factored into the formula, making it impossible to qualify for the maximum benefit.
• Lifetime Income: The benefit formula only considers income up to the maximum taxable earnings limit. To qualify for the highest Social Security payment, workers must have earned at or above this limit for 35 years. The taxable maximum is adjusted annually to take account of the general increase in wages. This will be $176,100 in 2025, up from $168,600 in 2024.
• Claim age: Eligibility for retirement benefits begins at age 62. However, workers who start Social Security before FRA receive a reduced benefit, meaning they receive less than 100% of PIA. And workers who defer Social Security beyond the FRA get an enhanced benefit, meaning they get more than 100% of their PIA.

To elaborate, workers who claim Social Security after FRA earn delayed retirement credits that increase their benefits by two-thirds of one percent per month, or eight percent annually. Delayed retirement credits stop accruing at age 70. So workers who claim Social Security at age 70 will earn the absolute maximum benefit, provided they meet the work history and lifetime earnings criteria.

Importantly, very few Americans earn enough money to earn the maximum benefit. Only about 6% of workers reported income above the taxable maximum last year, so the percentage of the population that meets this condition for 35 years is even lower. But the general principles we’ve discussed can help any worker increase their future Social Security benefit.

For example, anyone planning to retire after less than 35 years of work should think twice. This decision will automatically reduce their benefits. Also, anyone planning to claim Social Security at age 62 (ie, as soon as possible) may want to reconsider. This decision results in the most severe reduction in benefits.

To elaborate, retired workers born in 1960 or later will receive a Social Security benefit equal to 70% of PIA if they claim at age 62, but will receive a benefit equal to 124% of PIA if they claim at age 70. In other words, pensioners can increase their benefit by 77% by claiming at 70 instead of 62.