Social Security can pay retirees who have worked and paid taxes as they worked, but retirement benefits can also be achieved on the worker’s record if you are an eligible spouse. Sometimes, both spouses qualify for benefits at 62, but one receives a larger payment amount. It is possible to get a supplement, up to a limit, to boost your finances.
According to Social Security’s COLA (Cost-of-Living Adjustment) Fact Sheet, an aged couple, both receiving benefits, can get $3,089 on average, as of January 2025. Thanks to the COLA increase of 2.5%, eligible recipients get a higher amount than in 2024. Bear in mind that this average amount was $3,014 in the previous year and before COLA.
Retirement payments on the 3rd and 4th Wednesday in June
If your birth date is on the 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, or 20th, your next payday will be on June 18, 2025. If it is after the 20th, swo from the 21st to the 31st, your retirement benefits will be in your bank account on June 25, 2025.
Once a worker starts receiving Social Security retirement benefits at age 62 or later, payments are issued on the second, third, or fourth Wednesday of the month. Depending on when your birth date falls, you can qualify for one or the other.
Only those on benefits before May 1997 get Social Security checks or direct deposits on the third day of the month. If you filed after April 30, 1997 and you are on Supplemental Security Income, the third day of the month will also be your payday regularly.
In fact, there are only changes to paydays when they fall on a legal holiday or on the weekend. Thus, it is more than likely that the Wednesday payments are often on the regular payday.
Can retirees receive higher retirement payments?
Actually, $3,089 is not the maximum retirement benefit payment for retirees on Social Security. An individual can receive up to $5,108 in 2025 if he or she meets all the challenging conditions.
For example, to collect $5,108 in June 2025 from retirement benefits, you must:
- have applied for Social Security
- have filed at the age of 70
- have earned the contribution and benefit base for 35 years
- have had jobs that paid payroll taxes to the SSA
- have worked for 35 years or sometimes more
Early filing can be a great choice when you do not rely on Social Security benefits. However, it reduces your monthly retirement benefit by 30% so it is something to take into account if you have limited income and resources.
For instance, if you file at the age of 62, the largest retirement benefit is worth $2,831. Waiting until you reach Full Retirement Age can mean getting up to $4,018. Thus, check your SSA Statement to check the best age to file.