Social Security is an important part of ensuring the financial security of millions of American citizens. For this reason, the Social Security Administration (SSA) is preparing important changes for 2025. Benefits to its members. Which one is correct? Here we tell you what is planned regarding this public policy.
These changes are also desired Social security is adaptable to the urgent needs of citizens Thus, it can guarantee adequate economic environment to its beneficiaries.
Before the changes surprise you, you should Pay attention to what is being produced in Social SecurityBe able to take timely action on your income and deductions.
What are the key changes in Social Security by 2025?
Tail adjustment
To mitigate the effects of inflation, Social Security benefits will increase in 2025Based on the prices of products and services of the third quarter of the previous year.
According to this, it is expected that the announcement will be made in October A 2.7% increase, according to calculations by the Senior Citizens LeagueThe average monthly benefit for retired workers reaches US$51, for a total of US$1,967.
Payroll tax increase
It is expected in 2025. The taxable income threshold will increase to US$174,900. As a result, some workers will pay up to $391 more in Social Security taxes.
For example, under 6.2% tax rate, a worker with income above US$174,900 There will be a retention US$10,844 Their wages in 2025, compared US$10.453 of 2024.
Withholding Social Security benefits
when Social Security Beneficiaries Those who continue to work before reaching full retirement age have limits on withholding benefits. In 2024, they are set for higher revenues US$22,320With benefits cut, more so for high earners US$59,520 and approaching full retirement age.
By next year, these limits are expected to be reached US$23,280 y US$61,800 respectively, allowing beneficiaries to earn more money before their benefits are reduced.
Once Beneficiaries reach full retirement age, these retention limits no longer apply. Also, the money withheld earlier will be gradually returned to them.
More information on Social Security
What is Social Security?
Social Security is a broad-based social insurance program that provides financial benefits to eligible individuals, including retired workers, people with disabilities, and family members of deceased workers.
Which agency administers social security?
Social Security in the United States is administered by the Social Security Administration (SSA), a federal agency of the United States government.
The agency oversees the delivery of benefits, eligibility, registration and enforcement of social security regulations across the country.
If I move to another state, will my SSI payment be affected?
According to the SSA, there is no change in pensioners’ benefits by moving to another state.
He emphasized that there are some schemes where the application must be submitted if the person moves to another state, but this will not happen. Social security As they suit the beneficiaries, the payments continue.
