As many Americans approach retirement age, understanding how Social Security payments work is crucial for financial planning. In July 2025, retirees aged 66 to 67 may be eligible for a Social Security payment as high as $4,018, depending on their earnings history and when they file for benefits.
The amount retirees can collect from Social Security depends largely on their work history and when they choose to start receiving benefits. For most individuals, the Full Retirement Age (FRA) is 66 years and 10 months, but those who file later at age 70 may receive additional benefits.
How Full Retirement Age Impacts Your Benefits
The Social Security Administration (SSA) uses Full Retirement Age to determine the percentage of benefits a retiree will receive. For most individuals in 2025, the Full Retirement Age is 66 years and 10 months. This is the age at which individuals can collect 100% of their benefits based on their average lifetime earnings.
Retirees who choose to file for Social Security benefits before reaching FRA will experience a reduction in their monthly payments. However, delaying filing until after FRA can increase the monthly benefit, with an 8% increase for each year the individual waits beyond FRA, up to age 70. This means that retirees who wait until 70 to claim their benefits can receive 24% more than they would have at FRA.
Social Security Payment Dates Based on Birth Date
Social Security payments are distributed throughout the month, with specific days designated for different groups of recipients based on their birth dates. For retirees aged 66 to 67 in July 2025, there are three key payment dates: July 9, July 16, and July 23.
The first Wednesday of each month is designated for those born between the 1st and 10th of the month. In July, those retirees will receive their payments on July 9. The second Wednesday, July 16, is the payday for those whose birthdays fall between the 11th and 20th. Finally, retirees born from the 21st to the 31st will receive their payments on the third Wednesday of the month, July 23. This schedule ensures that payments are distributed in an orderly manner, preventing overwhelming the system with too many withdrawals at once.
Maximum Social Security Benefit for 66-67 Year-Olds
The maximum Social Security payment for individuals aged 66 to 67 in 2025 is $4,018, provided they meet specific conditions. These conditions include having worked for 35 years in jobs covered by the SSA and earning the maximum taxable income throughout their careers. Only those who have contributed to the SSA at the maximum rate and reached FRA will qualify for this highest payment.
The $4,018 payment is an ideal scenario and not the typical benefit. The average Social Security payment for retirees is closer to $2,002 as of May 2025. However, those who earned higher wages, contributed more to Social Security, and worked for a full 35 years will see a substantially higher benefit. It’s also important to note that individuals who delay filing until age 70 could receive even higher payments, up to $5,108.
How to Maximize Your Social Security Benefits
Maximizing Social Security benefits involves more than just waiting until Full Retirement Age or beyond to file. Individuals who earned higher wages, worked consistently in jobs covered by Social Security, and delayed claiming benefits can see a significant boost in their payments. Furthermore, individuals who have not reached Full Retirement Age yet should consider working for a few extra years to increase their lifetime earnings, thereby boosting their Social Security benefits.
For retirees nearing FRA, it is essential to evaluate whether waiting until age 70 to file for benefits makes sense. While it can be tempting to collect benefits as early as possible, doing so can result in significantly reduced monthly payments over the long term. Planning carefully and understanding the long-term impact of your filing decision can maximize Social Security income.
