As is often the case year after year, good news has been announced for 2025 for Social Security beneficiaries and everything related to their monthly payments, as well as for its various programs, which will undergo notable changes. This will have a significant impact on those who want to find out about the new announcements, the limits set and the increases in the programs due to the rise in inflation in recent years. In this article, we will detail four of the facts you should consider to be informed about what to expect in relation to Social Security in the United States by 2025.
Social Security announcements for 2025
The main attraction for SSA beneficiaries may be a sharp increase in SSI payments, which will increase the amount payable by 2.5% for more than 72 million Americans. The announcement of this came last year, on October 10, 2024, and affects the cost-of-living adjustment (COLA), which will see a marked increase for the lucky ones. With this change, those who are ready for full retirement can have an income of up to 4,018 dollars, when it was previously set at $3,822. This is just one example of what the change can mean for people’s incomes, but the changes have continued and will continue for 2025.
As with paying taxes, this can be bad news for those who don’t like increasing the tax burden. Thus, those with incomes over $176,100 will be subject to taxes, as established by Social Security. Previously, the limit was set at $168,600, but it has increased considerably. Another change, the third, is related to the adjustments to the income that a person may have before retirement, since previously a barrier of $22,320 per year was established, but now it has increased to about $23,400. This increases the possibility of having a little more money in the person’s coffers before retirement.
More changes in Social Security
Hand in hand with the technological advances of the time, another change made by Social Security has to do with a new and innovative way of filing tax returns, which resembles what the IRS has done. Security has been updated and stability is guaranteed, as well as control of the data so that it is not affected by possible fraud or leaks. With this, the SSA allows access to personal data through its system called “mySocialSecurity”, a service aimed at the community and at simplifying personal procedures for the Social Security card. With this, you will be able to request the most requested services through the Internet, visiting the page with the help of your SSA number and little else.
The changes can be seen as positive or negative, depending on how you look at it, but the truth is that the Social Security brings unexpected twists for both contributors and beneficiaries of the program. That’s why it’s important to visit its official website from time to time, so as not to miss out on the most interesting and useful information.
When you have finished reading this news item on the subject of Social Security, don’t forget that you can continue to keep informed with articles related to the economy, to keep up to date with new situations.
