Upcoming 2025 Changes to Social Security What You

upcoming 2025 changes to Social Security what you need to know welcome back to our Channel where we dive into important Financial updates today we're focusing on the changes slated for Social Security in 2025 that could affect millions of Americans whether you're a retiree or still in the workforce you'll want to pay close attention first up let's talk about the anticipated cost of living adjustment or Cola for 2025 while we won't have the final number until October early indications suggest a smaller increase than in previous years projected at about 2.57% this is due to the easing inflation which while it reduces the rate of increase in living costs doesn't necessarily lower existing prices on Essentials like groceries and housing next the full retirement age is creeping up again by 2025 it's set to increase to 66 years and 10 months for those born in 1959 this gradual change impacts when you can receive full benefits and penalizes early retirement so if you're planning to retire soon consider how this could affect your financial landscape and here's a big one for current workers changes in how much you need to earn for social security credits and the wage cap for Social Security taxes in 2025 you'll need to earn more than in previous years to qualify for the maximum four credits per year and if you're a high earner expect to pay taxes on a higher portion of your income as the wage cap is also set to increase these changes are crucial for everyone to understand not just retirees accumulating enough social security credits is essential for future benefits and knowing how much of your wages will be taxed can help you plan better financially that's it for today what are your thoughts on these upcoming Chang are you prepared or do you have concerns about how they might impact you let us know in the comments below we love hearing from you also if you found this video helpful please like subscribe and hit the notification Bell for more updates like this stay informed and take control of your financial future thanks for watching and see you in the next video