CONFIRMED! Changes in Social Security Benefits are Coming | SSI SSA SSDI 2024 & 2025 Update

finally Social Security benefits are changing and it will impact close to 70 million Social Security including SSI and SSDI recipients we'll break down each and everything for you but first we need to watch this has anything happened with inflation or in the economy in 52 years that would require the United States Congress to actually look at the benefits that people receive and adjust them nobody gets Wealthy on Social Security on average 18,000 per male 14,000 per female and in the United States of America with our vast budget 5 million of our fellow Americans get below poverty level checks can you imagine 5 million Social Security recipients received below party level check well we are going to show you this entire clip but but look at this very important update these five Social Security changes are coming in 2025 no matter who wins the election yes we are not going to rely on any presidential candidate anymore these five changes which we are going to break down in just a moment will change things drastically for millions of Social Security recipients well before we go into the details in just a moment I would like to ask you for a little favor to please smash the like button on this video as it helps this video and the channel as well so we are not going to waste any time first we are going to look at these changes then we'll show you this very important clip that shocked the entire Congress and Social Security community so what are these changes these five Social Security changes are coming in 2025 no matter who wins the election going into the details with election coming up in November all eyes are on the presidential candidates and how they could shape the future of Social Security if they claim the oal office however no matter who wins the White House or control or congress some changes are going to happen to Social Security in 20125 and here are five aspects of the program that will be affected regardless of who rule well before we show you we would like to tell you one very important statement from Donald J Trump he said that when he comes to the power there will be no taxes on Social Security benefits let us know in the comments below what do you think about it and do you think if he gets elected he will remove taxes on Social Security well now let's get into the details and see the first change the size of retirees checks the first big change will impact current retirees seniors who are receiving social sec Security will say their payments get bigger next year this is happening because automatic cost of living adjustment are built into the benefit programs to help offset the erosion of buying power Yes you heard it right no matter what happens in the election retirees checks are going to be impacted now let's go towards the second change the amount you must earn to qualify for a work quit yes it's changing Social Security is an earn benefit program yes it's an earn benefit it's not an aid or an assistance you must earn 40 work credits to become eligible for benefits and can earn up to four credits per year you accumulate work credits by earning and paying taxes on the income you earn in 2024 you must earn $1,730 to qualify for one work credit so if you make $692 this year you will max out the four credits you're eligible for and here is the third and a very important change how much money you can make without affecting your social security benefit well if you have reached your full retirement age you're allowed to work as much as you like with no impact on your benefits and that's not changing now the fourth one is how old you must be to claim your benefit without any penalties well near retirees will be impacted by another pretty major change in 2025 which is baked in and happening automatically the age at which they can claim full benefits is moving later while those who turn 66 in 2024 can claim their full unreduced benefit at 66 and 8 months anyone who is not turning 66 until 2025 must wait to start their payments until 66 and 10 months otherwise they will face monthly early filing penalties that will apply to those who claim benefits before for retirement age Yes you heard it absolutely right so please keep that in mind now this is the fifth and the last change and remember right after this we are going to show you that very important clip so stay with us till the end of this video well the amount of income subject to Social Security tax this change is one of the high earners may be unhappy about the maximum income subject to Social Security tax will be higher in 2025 so here are the details Social Security caps the amount of income you pay taxes and get credit for when benefits are calculated the cap is $168,600 in 2024 but it's index to inflation so it will climb higher next year if you make more than $168,600 in 2025 you can expect a higher Social Security tax bill next year once this limit is increased remember if Donald J Trump comes into the power and eliminate the Texas then this change will eliminate completely so let us know in the comments below what do you think about these changes now it's time to show you that clip that stunned the Congress and the entire social security community and that is from John Larson and then we'll break down each and everything that has has been said in this video Congress whose responsibility it is to fund social security has an enhanced the program in 52 years can you imagine 52 years has anything happened with inflation or in the economy in 52 years that would require the United States Congress to actually look at the benefits that people receive and adjust them nobody gets Wealthy on Social Security Absol on average 18,000 per male 14,000 per female and in the United States of America with our vast budget 5 million of our fellow Americans get below poverty level checks is there any conversation about adjusting them no and they need to be brought up so that they're able to survives and subsist because more than 40% of all Social Security recipients the only thing they have to rely on is social security about 70 million people who receive Social Security majority of them rely on Social Security benefits which has not been changed in past 53 years has been 53 years not 52 years because 2024 is almost over now the question is that what's going to happen when it comes to Social Security recipients and their benefits and the answer is that it depends on the leader we elect and the president we elect in the upcoming election so please make sure that if you receive Social Security pay close attention to their plan about social security because that's going to be a deal breaker so if you have any questions at all then please let us know in the comments below and we will be happy to answer each and every question of yours if you're new to the channel then remember that right here on credit viral we upload videos every single day for you about social security SSI SSDI Veteran Affairs rail determent food stamps and all the money you can get from state and federal benefits so make sure you subscribe to the channel right now and click on the Bell icon that's how you'll be able to get the notifications of our videos every single day well thank you so much for all of your love and support we will see you in the next video very very soon till then please take care and have a nice day