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You'll also increase your Social Security checks for each month you delay claiming benefits until age 70 — so you'll get a larger amount of retirement income from that source when you finally do ...
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.
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.
Any income up to this amount will be subject to Social Security tax, which is 6.2% each for employees and their employers. The earnings test becomes more generous
Robert Reich, former United States Secretary of Labor, suggests lifting the ceiling on income subject to Social Security taxes, which is $168,600 as of 2024. [118] Increase Social Security taxes. If workers and employers each paid 8.0% (up from today's 6.2%), it would provide solvency through 2090.
Besides the increase in benefits, the government agency also announced that it was raising the level of wages subject to Social Security taxes, known as the taxable minimum. In 2025, Social ...
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 the average Social Security check is $1,925.46, as of November 2024, so it's no shock that many retirees find it tough to cover the bills if that's their only source of income.