$58,476 Per Year From Social Security in 2025: Know All Requirements

The Social Security Administration (SSA) might increase benefits in 2025, raising the maximum payout for retirees. As of January 2024, the highest monthly retirement benefit is $4,873, which adds up to $58,476 per year.

With a Cost of Living Adjustment (COLA) likely coming in 2025, retirees may receive even more income annually. However, to qualify for this amount, certain criteria must be met. Here’s what you should know.

$58,476 Per Year From Social Security in 2025 Requirements

You must meet four important requirements to maximize your Social Security benefits and get more than $58,476 a year. Each one affects how much you receive monthly, but you must meet all four to get the highest amount.

1. Delay Retirement Until Age 70

The best way to increase your Social Security benefits is by waiting until you turn 70 to start receiving them. For every year you delay after reaching your Full Retirement Age (FRA), your monthly payment goes up by about 8%. If you wait until 70, this can give you a 24% increase.

2. Work in a Job Covered by Social Security

Not every job is covered by Social Security. To qualify, you need to work in a job where Social Security taxes are taken out of your paycheck. Some government and nonprofit jobs may not be included, so it’s important to check your employment status.

3. Work for at Least 35 Years

Your Social Security benefits are based on your 35 highest-earning years. If you have less than 35 years of work, the years you don’t have earnings will be counted as zero, which lowers your average and reduces your monthly benefits. To avoid this, make sure you work at least 35 years, and try to have high earnings during those years.

Earn the Contribution and Benefit Base (Taxable Maximum) for 35 Years

The contribution and benefit base, or taxable maximum, is the highest amount of income on which you pay Social Security taxes. For 2024, this limit is $168,600, an increase from $160,200 in 2023.

To get the highest Social Security benefit, you need to earn at or above this limit for 35 years of your career.

Understanding the Contribution and Benefit Base

The taxable maximum is the highest amount of income that is taxed for Social Security each year. Once you earn this amount, you don’t have to pay Social Security taxes for the rest of the year.

To get the most benefits, try to earn up to this limit for 35 years. This way, your Social Security payments will be as high as possible.

How Social Security Rewards Delaying Retirement

The SSA offers higher benefits if you wait until age 70 to start your Social Security. If you delay retirement past your full retirement age (usually 66 or 67), you could get up to 24% more each month than if you start at your full retirement age.

If you choose to start at age 62, your benefits will be lower, possibly as low as $2,710 per month.

Starting benefits at your full retirement age lets you receive the full amount you’re entitled to, which is a good choice if you don’t want to wait or have health issues that make it hard to delay until 70.

Increasing Your Earnings to Boost Benefits

Even if you haven’t always earned the highest amount possible throughout your career, you can still boost your Social Security benefits.

You can do this by looking for higher-paying jobs or working more years to replace years where you earned less.

Because the maximum taxable amount goes up each year with cost-of-living adjustments (COLA), keeping up with these changes can help you get the most out of your Social Security benefits.