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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. Social Security benefits are rising by 2.5%. Each year, Social Security benefits are eligible for an automatic cost-of-living adjustment, or COLA.
While SSI payments were updated on Dec. 31, 2024, Social Security benefits will increase in January 2025. Higher Earnings Cap for Social Security Taxes. Social Security taxes will remain at the ...
A 2.5 percent increase would raise the average Social Security payment for retired workers from $1,920.48 (as of August 2024) to $1,968.49 in 2025, an increase of $48.01. You’ll notice the COLA ...
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 2025.
Image source: Getty Images. 1. Social Security benefits will get a cost-of-living adjustment (COLA) in 2025. Social Security benefits are protected from inflation by cost-of-living adjustments ...
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.
Image source: Getty Images. 1. Social Security's full retirement age (FRA) is increasing in 2025. Social Security's full retirement age (FRA) is the claim age at which benefits awarded to a ...