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Home»Business»Finance»Social Security Benefits to Rise by 2.5% in 2025
Finance

Social Security Benefits to Rise by 2.5% in 2025

News RoomBy News RoomOctober 10, 20240 ViewsNo Comments3 Mins Read
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In 2025, Social Security benefits and Supplemental Security Income (SSI) benefits will increase by 2.5% for over 72.5 million Americans, with Social Security retirement benefits increasing by an average of $50 per month. This adjustment will help beneficiaries keep up with expenses as inflation has begun to cool. Approximatley 68 million Social Security beneficiaries will see a 2.5% cost-of-living adjustment beginning in January, while almost 7.5 million SSI recipients will see increased payments starting at the end of December.

Social Security benefits are based on the Social Security taxes that are collected during a person’s working life. Wage earners have Social Security and Medicare taxes taken out of their paycheck through the Federal Insurance Contributions Act (FICA) and self-employed individuals pay through the Self-Employment Contributions Act (SECA). The taxes are credited towards a person’s retirement benefits, with the wage cap for Social Security taxes set at $176,100 for 2025.

To qualify for Social Security retirement benefits, individuals need to demonstrate an earnings history and earn at least 40 credits during their working life. The amount of benefits received is based on lifetime earnings, with higher earnings resulting in higher benefits. There is also an earnings limit for individuals younger than the full retirement age, with a penalty for earning above that limit before reaching full retirement age.

Kangen Water

Current beneficiaries will receive notices in the mail in December with their new individual 2025 benefit amounts. They can also access this information online by creating a personal Social Security account. This account allows individuals to review their earnings record and estimate their benefits, and it is recommended that taxpayers review their records annually to ensure all earnings are accurately credited.

SSI provides monthly cash assistance to individuals with limited income and resources who are 65 or older, blind, or disabled. In order to qualify, individuals must meet income and resource tests, with the countable income not exceeding the federal benefit rate and resources being $2,000 or less for individuals ($3,000 for couples). Some states offer supplements to SSI benefits, while federal SSI benefits are not taxable.

The increase in Social Security benefits is determined by the Consumer Price Index for Urban Wage Earners and Clerical Workers as determined by the Bureau of Labor Statistics, with the average COLA increase over the last decade being about 2.6%. Information about Medicare changes for 2025 will also be available on the Medicare website, with individuals receiving notices detailing the new rates in their inbox or by mail.

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