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What is and isn’t changing for Social Security in 2025
Maurie Backman reports here on changes that are occurring related to Social Security beyond the 2.5% across the board increase for beneficiaries. The earnings test also rises in 2025, meaning those working between 62 and 67 can earn more before facing reductions in benefits. The wage cap is also increasing by $7500, meaning more of people’s earnings are subject to FICA payroll tax. But one thing that has remained stuck since 1993 is the levels at which income tax kicks in for retirees. Brackets were never adjusted for inflation, and changing that does not appear to be a priority for members of Congress.
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