Social Security Report

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Oct 10th announcement will be more than just about COLA

Maurie Backman reminds us that an official Social Security COLA announcement will come on October 10th, and then all can take a look at their monthly benefits and apply that percentage to see what their 2025 monthly benefits will be. But don’t forget to account for a rise in Medicare Part B when running those numbers. The Social Security Administration will also update other key information about the program for 2025, including: a new earnings requirement to receive the work credits needed to qualify for Social Security later in life; a new earnings-test limit, which applies to people who work and collect Social Security at the same time; a new wage cap, which determines how much income is taxed for Social Security purposes; and a new maximum monthly benefit. Full piece here.

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