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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.
Image source: Getty Images. 1. The 2025 Social Security COLA. Social Security beneficiaries are getting a 2.5% cost-of-living adjustment, or COLA, starting with the payment they receive in January ...
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.
As for what this means in more relatable terms, in that this year's average monthly Social Security payment stands at $1,907, a 2.63% increase would put 2025's average monthly benefit somewhere ...
This means more income of some workers will be subject to Social Security payroll taxes. For example, if you earned $175,000 in 2024, $6,400 would be exempt from Social Security payroll taxes.
The average monthly Social Security retirement benefit was $1,922 as of September -- about $23,000 annually. ... Earn at least the maximum income that counts in Social Security calculations ...
The chart below shows the average Social Security benefit for retired workers at ages 62 through 80. The information comes from a biennial report last updated on June 30, 2024. Payment amounts ...
Image source: Getty Images. 1. Social Security benefits are rising by 2.5%. Each year, Social Security benefits are eligible for an automatic cost-of-living adjustment, or COLA.