Social Security Benefits Set to Rise in 2025 #socialsecurity #viralvideo #trending

Published: Aug 27, 2024 Duration: 00:02:21 Category: People & Blogs

Trending searches: social security cola increase 2025
big changes are coming to Social Security in 2025 let's dive into what you need to know the Social Security Administration is projecting a cost of living adjustment or Cola of around 2.57% for 2025 this increase is tied to inflation which while cooling off still affects the prices of goods and services for the average beneficiary receiving $1,840 per month this translates to an extra $47 monthly but don't get too excited just yet Medicare Part B premiums could also see a rise now how is this Cola calculated it's all about the Consumer Price Index for urban wage earners and clerical workers experts analyze the inflation data from July August and September and compare it to the previous year's third quarter numbers the final Cola figure will be announced in October but there's a lot of misinformation out there some say delaying your retirement to a year with a higher projected Cola guarantees increased benefits that's not true the Social Security Administration clarifies that those turning 62 or older in a particular year are eligible for that Year's Cola even if they haven't filed for benefits yet so your monthly payment will reflect the cumulative Cola adjustments from the year you turned 62 irrespective of when you start claiming benefits besides Cola other factors influence your Social Security benefits your average lifetime earnings work history and the age you start claiming benefits all play a role plus your spouse's earnings can also impact your benefit amount while Cola aims to protect your purchasing power against inflation Medicare Part B premiums and taxes can affect your net benefit speaking of taxes around 40% of Social Security recipients pay income taxes on a portion of their benefits the income thresholds for these taxes are not adjusted for inflation meaning you might end up paying taxes on a larger portion of your benefits as Cola increases your income so what does this mean for you while it's good news that benefits are set to increase it's crucial to consider other factors like medicare premiums and taxes stay informed and plan accordingly that's all for now if you found this video helpful don't forget to like And subscribe for more updates thanks for watching

Share your thoughts

Related Transcripts

Your SSN Was Stolen & Sold On The Dark Web - Check Your Info Here thumbnail
Your SSN Was Stolen & Sold On The Dark Web - Check Your Info Here

Category: Education

Hey wealthwave community have you been wondering if your personal data was compromised in the recent national public data breach if so you're in the right place today i'm going to show you a powerful tool and website where you can check if your name phone number email physical address or even your social... Read more

Breaking News: Major Social Security COLA Increase for Seniors in 2025 | More Money Coming! thumbnail
Breaking News: Major Social Security COLA Increase for Seniors in 2025 | More Money Coming!

Category: News & Politics

Hey everyone welcome back to the channel today we're diving into a topic that's incredibly important for millions of americans especially our seniors we're going to talk about the social security cost of living adjustment or cola for 2025 if you rely on social security benefits or know someone who does... Read more

2025 Social Security Shock! Next Year's COLA Increase Fails Retirees thumbnail
2025 Social Security Shock! Next Year's COLA Increase Fails Retirees

Category: Howto & Style

If you've been feeling the pinch at the grocery store the gas pump and every time you pay your bills well there is more sobering news on the horizon for those of us who are depending on social security in 2025 social security benefits they're expected to see a poultry increase one that probably won't... Read more

BERNIE SANDERS APPROVES THIS - $4100 MONTHLY PAYMENT COMING IN BANKS TODAY FOR ALL SOCIAL SECURITY thumbnail
BERNIE SANDERS APPROVES THIS - $4100 MONTHLY PAYMENT COMING IN BANKS TODAY FOR ALL SOCIAL SECURITY

Category: News & Politics

Hey everyone welcome back to stimulus updates your go to channel for the latest news and updates on economic stimulus packages i'm your host joseph and today we have some exciting developments to share with you senator sanders known for his passionate advocacy for the workingclass and seniors has been... Read more

How much will Social Security benefits increase in 2025? thumbnail
How much will Social Security benefits increase in 2025?

Category: People & Blogs

If you're wondering how much your social security check might increase next year stay tuned we've got the facts every year social security benefits are adjusted to keep up with the cost of living this adjustment is known as the cost of living adjustment or cola in 2024 beneficiaries saw a 3.2% increase... Read more

This Is What You Can Expect From Social Security in 2025 thumbnail
This Is What You Can Expect From Social Security in 2025

Category: People & Blogs

Social security is expected to increase in 2025 but it likely won't be as much as we've seen for the last few years this increase in benefits is due to rising inflation but it brings the program's solvency under even more scrutiny we recommend a diverse investment strategy for retirement planning future... Read more

2024 Presidential Election Map Prediction Based on BETTING ODDS | Kamala Harris vs Donald Trump thumbnail
2024 Presidential Election Map Prediction Based on BETTING ODDS | Kamala Harris vs Donald Trump

Category: News & Politics

Hey everyone and welcome back to another presidential election prediction video this time instead of going by polling we are going to be going by betting odds via bet 365 so even though polling did of course have an impact on what the betting odds were we are going to be going specifically by the betting... Read more

Social Security's 2025 Cost-of-Living Adjustment (COLA) Has Narrowed -- Here's How Much the Check thumbnail
Social Security's 2025 Cost-of-Living Adjustment (COLA) Has Narrowed -- Here's How Much the Check

Category: People & Blogs

Social security's upcoming cost of living adjustment cola may offer a rare instance where history is made but disappointment is the end result for most retirees social security is more than a check it represents a necessary source of income that most retired worker beneficiaries couldn't live without... Read more

GREAT NEWS! INCREASE For Social Security Beneficiaries FINALLY Coming Next Month!? SSA, SSI, SSDI thumbnail
GREAT NEWS! INCREASE For Social Security Beneficiaries FINALLY Coming Next Month!? SSA, SSI, SSDI

Category: Education

Hey everyone welcome back to financial futures your go to channel for all things finance and the economy i'm thrilled to have you here today because we've got some exciting news to dive into a new bipartisan bill is likely to hit the floor for a vote in september and if it passes it could mean increased... Read more

GREAT NEWS! INCREASE For Social Security Beneficiaries FINALLY Coming Next Month!? SSA, SSI, SSDI thumbnail
GREAT NEWS! INCREASE For Social Security Beneficiaries FINALLY Coming Next Month!? SSA, SSI, SSDI

Category: News & Politics

Hey everyone welcome back hope you're having a fantastic day so far so in today's video we have some great news as a bipartison bill is likely to hit the floor next month in september for a vote in this bill if pass which again it is bipartisan so a very good chance that it will pass it will increase... Read more

SEPTEMBER 2024 SOCIAL SECURITY 1st ROUND HITTING BANKS THIS WEEK FOR ALL SENIORS ON SSI SSDI & VA! thumbnail
SEPTEMBER 2024 SOCIAL SECURITY 1st ROUND HITTING BANKS THIS WEEK FOR ALL SENIORS ON SSI SSDI & VA!

Category: News & Politics

Social security statement and see a new benefit amount of $1,886 coming your way in september 2024 hey everyone welcome back to stimulus updates your go to channel for the latest news and updates on economic stimulus packages i'm your host joseph and today we have some exciting developments to share... Read more

2025 Social Security COLA Increase Here's What the Experts Predict thumbnail
2025 Social Security COLA Increase Here's What the Experts Predict

Category: People & Blogs

With 68 million people receiving social security benefits many are anticipating the official cola increase announcement for 2025 by the social security administration each year the ssa announces an adjustment for how much it will pay beneficiaries due to inflation this adjustment is based on a percentage... Read more