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The Social Security Administration announced recently that seniors will get a 2.5% benefits increase for the 2025 year. That amounts to around $49 more in monthly benefits for the average retiree.
Data Source: Social Security Administration. Table by author. As you can see above, COLAs have cooled off since the elevated inflation of the late 1970s and early 1980s, meaning the 2.5% increase ...
Workers that start Social Security before full retirement age receive a smaller benefit, meaning they get less than 100% of their PIA. And workers that start Social Security after full retirement ...
Here's the big picture: While the 2.5% COLA in 2025 is the smallest increase in Social Security benefits in four years -- 3.2% in 2024, 8.7% in 2023, and 5.9% in 2022 -- that means prices across ...
Image source: Getty Images. 1. The cost-of-living adjustment. Seniors get a bump in their Social Security benefit every year called the cost-of-living adjustment ().The 2025 COLA of 2.5% was ...
3. Maximum Social Security benefit also set to increase. The maximum Social Security benefit for a worker retiring at full retirement age will increase from $3,822 in 2024 to $4,018 in 2025. This ...
The increase in 2025 will perhaps have the biggest impact on those earning between $168,600 and $176,100 per year, as you'll face Social Security tax on income that wasn't previously taxed in 2024.
However, Social Security beneficiaries will still receive a 2.5% raise for 2025. Technically, this takes effect with the December 2024 payment, but since Social Security is paid a month in arrears ...