Every single dollar counts, and a Social Security payment is fast approaching for some 70-year-olds in the United States. Of course, this upcoming retirement benefit payday may also be for other age groups. However, let’s focus on the retirees who can receive the largest benefit payment in 2025, worth $5,108. Only retirees aged 70 can apply for such a large payment this year.
Some 70-year-olds may qualify for Social Security payments this week, but they may not get the largest benefit available in 2025. This is because they do not meet all the requirements to qualify for $5,108. On average, 70-year-olds receive about $2,148.12 as of December 2024. That payment amount may be much more realistic because it is easier to attain.
When can 70-year-olds collect $5,108 in mid-July?
Following the guidelines from the Social Security Administration’s payment schedule, retirees can receive their monthly payment on July 16th, 2025. Of course, to get this payment, you must have started on retirement benefits after April 30, 1997.
Moreover, you can’t be receiving Supplemental Security Income benefits from the Federal Government. Anyway, the key condition to collect the Social Security benefit on the 16th is to have been born after the 10th but before the 21st.
Were you born from the 11th to the 20th? Then, if you applied for retirement, got approval, and qualify, your direct deposit will be in your bank account on July 16, 2025.
Some retirees may get a paper check, but it will be impossible to get one from September 30, 2025, onward. All Federal payments will be issued electronically after that date.
Key conditions for deposits from Social Security worth $5,108
Let’s begin by saying that not all retirees qualify for Social Security payments on their own record because not everyone has paid enough payroll taxes to the SSA.
What is more, the average Social Security payment for retired workers is $2,002. But what are the key conditions to collect $5,108? The first one, as you may have guessed, is to file at the age of 70.
Secondly, you must have earned the contribution and benefit base ($176,100 in 2025), which is also known as the taxable maximum, for 35 years. So, it implies you worked in jobs covered by the SSA all those years, 35.
It is true that not all workers can delay retirement until they are 70 years old because their working conditions are physically challenging. However, it is the best way to qualify for a 24% reward.
Social Security can give you 8% extra per year you work after reaching the Full Retirement Age until you are 70 years old. 70 is the age they stop growing, so file as soon as you turn 70. If you are in a difficult financial situation when you turn 70, apply for Federal payments like SSI or SNAP benefits to get additional support in 2025.
