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3 Big Social Security Changes Coming in 2025
It’s not just the announcement of the cost of living adjustment (COLA) that will make big news next week. Trevor Jennewine explains that once that amount is announced, and it’s predicted to be 2.5%, other Social Security adjustments also will take effect in January 2025. The full retirement age (FRA) increases by 2 months such that a.) workers born in the last eight months of 1958 will reach FRA at 66 and 8 months during the first eight months of 2025, and (b.) workers born in the first two months of 1959 will reach FRA at 66 and 10 months during the last two months of 2025. The earnings test limit that restricts what those collecting benefits can earn until FRA is reached is estimated to increase to $23,280 (up from $22,320). Full piece here.