Millions of Americans will make crucial filing choices next year, and the size of each future check hinges on understanding the rules that the Social Security Administration (SSA) rarely explains in plain English.
If you plan to claim benefits soon, the guide below walks you through the deadlines, dollar figures, and pitfalls that could shrink—or enlarge—your monthly payment.
Meeting the 40‑credit minimum is the first gate to any benefit
Contrary to popular belief, decades of work do not help unless your jobs were covered by payroll (FICA) taxes. Workers must earn forty credits—no more than four per calendar year—before a claim is even accepted. Still unsure if you qualify? Check your personal earnings record at SSA.gov and correct any missing wages right away. Below is a quick snapshot of how age affects the percentage of your full benefit:
| Claiming age | Share of full benefit |
|---|---|
| 62 (earliest) | 70 % |
| 67 (FRA*) | 100 % |
| 70 (latest) | 124 % |
*FRA is full retirement age for everyone born in 1960 or later.
How delayed‑retirement credits can lift a 2025 benefit by a full 24 percent
Every month you postpone filing after FRA adds roughly two‑thirds of one percent to your check, topping out at 24 percent extra at age 70. That bump is for life, and it compounds with each cost‑of‑living adjustment (COLA). Think about it: would an extra year on the job be worth thousands more over two decades of retirement? Here are the ten key takeaways all workers should keep in mind:
- Pay FICA taxes; untaxed earnings do not count.
- Earn 40 credits—usually ten years of covered work.
- Age 62 is the earliest filing point, but payments shrink.
- Filing at FRA guarantees 100 percent of your calculated benefit.
- Waiting until 70 increases the check by up to 24 percent.
- COLAs apply even if you postpone claiming.
- COLA changes arrive every January (SSI sees them on December 31).
- Inflation erodes purchasing power, so budget with future prices in mind.
- Survivor and disability rules differ—verify eligibility if circumstances change.
- Double‑check your earnings record annually to avoid nasty surprises.
Cost‑of‑living adjustments in 2025 may be smaller, but timing still matters
The next COLA will be applied to every earned benefit in January 2025, whether you are already collecting or still waiting. However, a modest inflation reading could mean a smaller increase than retirees saw in 2023 and 2024. Consequently, maximizing your base payment—by hitting 40 credits and considering delayed filing—remains the safest hedge.
Review your earnings record, decide on a realistic filing age, and run the numbers before sending in Form SSA‑1. A few informed choices today can translate into tens of thousands of extra dollars over a lifetime.