65-year-olds across the United States are preparing to receive an average monthly Social Security benefit of $1,622, thanks to adjustments aimed at helping retirees combat inflation. The boost reflects the 2.5% Cost-of-Living Adjustment (COLA) that kicked in for 2025. But who qualifies for these payments, and how can you maximize them? Here’s what you need to know.
Who Qualifies for Social Security at 65?
If you’re approaching 65 or already there, you’ll need to meet specific eligibility criteria to receive Social Security payments:
- Minimum Age Requirement: You must be at least 62 years old to claim benefits, although doing so early will result in a reduced amount.
- Work Credits: You need at least 40 work credits, which typically means 10 years of work in jobs where you paid Social Security taxes.
- Citizenship or Residency: You must be a U.S. citizen or legal resident to qualify.
While it’s possible to begin collecting benefits at 62, experts recommend waiting until full retirement age (FRA) to avoid permanent reductions. For those born in 1960 or later, the FRA is 67. Waiting beyond that age until 70 can further boost your payments.
When Will You Receive Your Payments?
The Social Security Administration schedules payments based on your birthdate. Here’s the breakdown:
- If your birth date is between the 1st and 10th of the month, you’ll receive payments on the second Wednesday.
- If you were born between the 11th and 20th, your payment will arrive on the third Wednesday.
- Birthdays between the 21st and 31st will receive payments on the fourth Wednesday.
For instance, in February 2025, payments will be distributed on the 12th, 19th, and 26th, depending on the birth date category.
Maximizing Your Social Security Benefits
If you want to increase your monthly payment, consider these key tips:
- Delay Claiming: The longer you wait beyond FRA (up to age 70), the higher your monthly payment. For every year you delay, you earn additional benefits.
- Double-Check Your Earnings Record: Your benefits are based on your highest 35 years of earnings. Make sure the Social Security Administration has accurate records by regularly reviewing your earnings through their online portal.
- Spousal Benefits: If you’re married, you could be eligible for up to 50% of your spouse’s FRA benefit.
How to Apply
Applying for Social Security is simple and can be done online through the Social Security Administration’s official website. If you’d prefer, you can schedule an appointment with a local SSA office. To avoid any delays, it’s a good idea to apply at least three months before you want your payments to start.
With proper planning, Social Security benefits can provide a critical financial foundation for retirees. If you’re unsure about your options, consult a financial advisor or reach out to the Social Security Administration for personalized assistance.
