The full retirement age might rise again, meaning future retirees may have to wait longer to get their full Social Security benefits without a penalty.
2. Retirement Age Adjustments
The income cap for Social Security taxes is expected to go up, so high earners will pay taxes on a larger portion of their yearly income.
3. Higher Taxable Income Cap
The number of work credits needed to qualify for benefits may change slightly, making it more important to track your earnings history closely.
4. Work Credit Requirement Changes
Social Security benefits aren't always taxed. It depends on how much other income you have in a year, including retirement savings or part-time work.
1. Not Always Taxable
Those who wait longer to retire could see higher benefit increases. Delaying Social Security might become more rewarding than in previous years.
5. Bigger Benefits for Older Retirees
Social Security Disability Insurance (SSDI) will likely see updates to how claims are reviewed and approved, possibly speeding up the process.
6. Disability Program Updates
In 2025, Social Security payments will likely increase due to inflation, giving a small boost to monthly checks for millions of retirees and disabled workers.
1. Bigger Monthly Checks