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The average monthly Social Security benefit will increase from $1,927 to $1,976 in 2025 after the cost-of-living adjustment this year, according to the Social Security Administration.
The Social Security COLA is implemented each year to help account for inflation. In 2024, the COLA is 3.2%. That will drop to 2.5% in 2025, the Social Security Administration reported in October 2024.
Source: Social Security Administration. Chart by author. Those COLAs may seem modest, but even a $60 bump per month amounts to $720 more over the course of the year.
The Social Security Fairness Act is a United States law that repealed the Social Security Government Pension Offset and Windfall Elimination Provision. [1] The bill passed the House in November 2024 and then passed the Senate in December. [ 2 ]
In 2024, Social Security benefits are subject to federal taxes for individuals with a combined income of over $25,000 ($32,000 for married couples filing jointly). ... already enjoy tax-free ...
For example, if you earned $175,000 in 2024, $6,400 would be exempt from Social Security payroll taxes. However, if you earn $175,000 in 2025, all of it will be subject to taxes because it's below ...
Social Security Tax Threshold Increased in 2024. As AARP explained, Social Security benefits are largely funded via payroll taxes — and that tax rate is 12.4% of earnings. While in 2023 earnings ...
5. Social Security Benefits Are Taxable. Many people pay federal income taxes on their Social Security benefits. But, the SSA says this only happens if you have other substantial income in ...