Generally, the maximum Federal SSI benefit amount changes yearly. SSI benefits increased in 2024 because there was an increase in the Consumer Price Index from the third quarter of 2022 to the third quarter of 2023. Effective January 1, 2024 the Federal benefit rate is $943 for an individual and $1,415 for a couple.
There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.
Cost-of-Living Adjustment (COLA) Information for 2025
Social Security and Supplemental Security Income (SSI) benefits for more than 72.5 million Americans will increase 2.5 percent in 2025. Read more about the Social Security Cost-of-Living adjustment for 2025.
Exactly how much in earnings do you need to get a $3,000 benefit? Well, you just need to have averaged about 70% of the taxable maximum. In our example case, that means that your earnings in 1983 were about $22,000 and increased every year to where they ended at about $100,000 at age 62.
If your spouse dies, do you get both Social Security benefits? You cannot claim your deceased spouse's benefits in addition to your own retirement benefits. Social Security only will pay one—survivor or retirement. If you qualify for both survivor and retirement benefits, you will receive whichever amount is higher.
The maximum Social Security benefit at full retirement age is $3,822 per month in 2024. It will be $4,018 a month in 2025. It's $4,873 per month in 2024 if retiring at age 70 and $2,710 if retiring at age 62. A person's Social Security benefit amount depends on earnings, full retirement age and when they take benefits.
To qualify to get $144 added back to your Social Security check, you can enroll in a Medicare Advantage plan that offers a Part B premium reduction or giveback benefit.
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
The Social Security 5-year rule refers specifically to disability benefits. It requires that you must have worked five out of the last ten years immediately before your disability onset to qualify for Social Security Disability Insurance (SSDI).
Has your income declined or have you experienced a loss of financial resources? You may be able to get additional income through the Supplemental Security Income program, which helps seniors and the disabled who have limited income and financial resources.
You would not be required to file a tax return. But you might want to file a return, because even though you are not required to pay taxes on your Social Security, you may be able to get a refund of any money withheld from your paycheck for taxes.
The COLA was 3.2% in 2024. Nearly 68 million Social Security beneficiaries will see a 2.5% COLA beginning in January 2025. Increased payments to nearly 7.5 million people receiving SSI will begin on December 31, 2024. (Note: Some people receive both Social Security benefits and SSI payments).
Resource limits could also impact your Social Security
If you exceed that limit, you need to spend down your resources to be eligible. According to a recent study by the Center on Budget and Policy Priorities, 70,000 beneficiaries on average lose their benefits each year because they exceed the limit.
Some government and railroad employees are not eligible for Social Security. American expatriates retiring in certain countries—and some retired immigrants to the U.S.—can't collect Social Security benefits. Divorced spouses married for fewer than 10 years cannot claim benefits based on the earnings of their ex-spouse.
WHAT IS THE RESOURCE LIMIT? The limit for countable resources is $2,000 for an individual and $3,000 for a couple.
Medicare Part A and Part B know they can get up to $800 back
All the member has to do is provide proof that they pay Medicare Part B premiums. Each eligible active or retired member on a contract with Medicare Part A and Part B, including covered spouses, can get their own $800 reimbursement.
Ninety-five percent of never-beneficiaries are individuals whose earnings histories are insufficient to qualify for benefits. Late-arriving immigrants and infrequent workers comprise the vast majority of these insufficient earners.
The amount a person receives in Social Security benefits is not directly affected by their current income or wealth. Therefore, even if someone is a millionaire or billionaire, they can still receive Social Security benefits if they have a qualifying work history.