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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.
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.
The general Social Security earnings-test limit in 2025 is $23,400 (up from $22,320 in 2024). You'll have $1 in Social Security withheld for every $2 you earn above that limit.
The Social Security COLA that is about to go into effect will result in a 2.5% increase in everyone's Social Security benefits. Technically speaking, this is the 2024 COLA, as it goes into effect ...
In 2025, Social Security will tax wages up to $176,100, up from $168,600 in 2024. The change takes effect in January 2025, though the tax rate on those wages, 6.2 percent, will remain the same.
The average monthly Social Security benefit is expected to rise from $1,927 to $1,976 once 2025's COLA takes effect. That's a $49 increase. But that doesn't mean you should automatically expect ...