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Several Social Security changes set to take effect in January 2025 may surprise retirees. ... (COLAs), annual pay increases tied to a subset of the Consumer Price Index known as a the CPI-W. The ...
The 2025 COLA of 2.5% was announced in October and goes into effect in January. ... will pay more in Social Security tax ... year as the standard of living increases. The earnings limit for 2025 ...
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.
Taxable Earnings Will Increase. Starting in January, there will be a few other adjustments to Social Security. ... employees will pay up to $10,918.20 in 2025, compared to $10,453.20 currently ...
The Consumer Price Index (CPI), a broad measure of the price of everyday goods, including groceries, gasoline, and rent, showed prices rose 0.4% over the previous month and 3.2% over last February ...
Data source: Social Security Administration. As shown above, CPI-E inflation averaged 3.4% through the first eight months of 2024. That is three-tenths of a percent above the average CPI-W reading.
In 2025, the maximum earnings will increase to $176,100, meaning more of a worker’s income will be subject to the tax. This adjustment is due to an increase in average wages in the U.S. 3.
The updated maximum taxable earnings limit for 2025 will not be announced until October, but the Social Security Board of Trustees estimates it will increase to $174,900. If that forecast is ...