Social Security INCREASES THIS MUCH in 2025 | SSA, SSI, SSDI Increased Payments

hey everyone welcome back hope you're having a fantastic day so far so we have a big announcement coming up next month from the Social Security Administration they're going to be coming out with what the next increase is going to be for all Social Security beneficiaries across the board whether you're a retiree whether you receive SSI benefits or whether you receive SSDI benefits and yesterday we had a new projection come out from the senior citizens league today I'm going to be coming out with my own P personal prediction and how I came to that conclusion but before we go ahead and dive into the main content of today's video if you would like to receive up to $200 in free stock or $200 in free cash in a pin comment below I will be leaving a link to Robin Hood all you have to do is once you click on that link is just sign up for a free account and then simply link your bank account you do not even have to make an opening deposit at that point in time Robin Hood will be sending you one free stock worth all the way up to $200 and if you'd rather just have the cash all you have to do is once you receive the free stock is just sell it for what it's worth and then transfer the cash value right back to your bank account okay so before diving into the cost of living adjustment increase for all Social Security beneficiaries and what my own personal projection is and how I came to that and of course what that would mean for you dollar value and everything like that we are going to be going over some social security reform because as we all know within the next decade or so unfortunately if nothing is done by Congress to either make it so more money is flowing into the trust fund or less money is leaving the trust fund there is going to be a cut across the board for everyone of up to 26% which is really quite substantial now Republicans lawmakers have their own own ideas Democrat lawmakers have their own ideas however there are a few ideas where it kind of become intertwined it could actually be considered by partisan at least among people who actually vote Republican voters and Democratic voters so we are going to be going over this article here by news nation that says voters across the country agree on these Social Security fixes some of these might actually surprise you so the first one of course is a payroll tax so a new survey by the University of Maryland's program for public consultation shows that most Americans agree on some proposals to increase revenues in Cut cost and across six swing States 86 to 89% of respondents support subjecting all wages over $400,000 to the payroll tax the poll found that change would eliminate 60% of the shortfall the report said nationally 87% were in favor of the idea including 86% of Republicans and 89% of Democrats says very close today the payroll tax only applies to to wages up to $168,600 so basically if you're a worker and you earn $168,600 per year you're taxed on each paycheck that you receive 6.2% and then your employer matches the other 6.2% however if you're like let say Taylor Swift for instance who's earning you know millions of dollars every single year she's only paying into the Social Security trust fund on the first $1 168,00 ,600 that she earns anything above that she is no longer paying any additional tax into the Social Security trust fund so the argument here in this case Taylor Swift would pay the 6.2 I guess in her case she'd be paying the entire 12.4% since she works for herself she has like her own business I guess you would say um so she would pay the 12.4% on the first $168,600 that she earns then she would pay nothing between $168,600 and $400,000 and then anything above $400,000 which is quite a bit of money for her would once again be subjected to that 12.4% tax which would then go into the trust fund so obviously there would be a lot more money flowing into the trust fund with this idea and we can see that 86% of Republicans agree with it 89% of Democrats so this is one idea that they could potentially pass through Congress now the the article goes on to say that a majority of Republicans at 87% and Democrats also at 87% surveyed also supported gradually raising the payable tax rate from the current level of 6.2% to 6.5% by 20030 so once again right now if you're an employee you pay 6.2% your employer matches the other 6.2% that's 12.4% in total and we both have Republicans and Democrats agreeing with the idea to boost that up to 6.5% for the the employee 6.5% for the employer or in the case that you're self-employed you would be paying I guess in that case you be paying 133% instead of 12.6% so that would be another change uh taking place there uh they also go on to say that meanwhile Republicans have been less forthright about their social security plan but but the survey suggests two benefit reductions may be politically palatable so they say that nationally most Republicans at 92% and Democrats at 93% supported reducing benefits for the top 20% of income earners so for those folks who are receiving a lot for their soci security benefit close to the max because they also received a lot of money during their working career we have both Republican and Democratic voters saying perhaps because they probably already have a lot of other assets such as their retirement accounts are probably pretty high up there and other assets are pretty high that perhaps they don't need these big Social Security checks of close to5 ,000 so maybe we could reduce these Social Security checks for the high earners that way we can save more money from leaving the trust fund is basically the idea there now they go on to say that respondents were also given the option of gradually raising the retirement age which is currently at 67 the poll found that 89% of respondents supported raising the retirement age to 68 by 2033 and Steven Cole who heads the PPC at the University of Maryland said the poll shows Americans on both sides of the aisle are measured and thoughtful when given the full Social Security picture so that's another idea there is raising the full retirement age from 67 up to 68 there are some ideas to lift this up to actually 69 or 70 some people are saying obviously this would be unfair that this would be a cut but something also needs to be done now moving on to our main story of today's video of course yesterday the senior citizens League put out their own personal projection of what the next cost deling adjustment is going to be for all Social Security beneficiaries as you can see there up on the screen they say with one month left Cola for 20125 forecast is at 2.5% right now I'm going to be giving my own personal prediction which has you know lately been in line right with the senior citizens league but I'm going to be going over what I am thinking it is going to be let's go ahead and dive right into it so you can see the release calendar up there on the screen of course yesterday on September 11th we saw the inflation data came out and then next month we're going to have another month that's going to be extremely important for the data on October 10th that's going to be giving us the uh September inflation data and then at that point in time we'll have the third quarter data of this year in 2024 which we will then be able to compare to the third quarter data of last year and whatever that has increased by is what the cost of living adjustment is going to be looking like so you can see another chart up there on the screen this is just the CPI W so you can see the highlighted numbers for 2023 so we had 299.8 N9 31.5 51 and 32.25 S and then so far this year in 2024 we have 38501 that's under July and then under the uh the recent update yesterday uh the CPI W uh shows up there 38.6 4 so we have one month left to go and if we add up all the numbers from last year the 299.8 N9 uh plus the 30155 1 plus the 32.25 7 they came out to 93707 and so far with the two numbers that we have this year added up we have 61741 so basically we have a couple of different scenarios that could possibly take place if we don't see any inflation whatsoever take place in the month of September then in that case we're going to have a repeated CPI W number of 38.640029 per. however if 0.2% inflation takes place in the month of September which would be an annualized uh inflation of 2.4% which is pretty realistic I would say then in that case the CPI W for September will be 39.25 S which in that case will result in a cost living adjustment of 2.5% so a much more realistic number for the cola will be 2.5% at least in my opinion so once again it is going to align right with what the senior citizens league is saying now again what exactly would that mean if you receive Social Security benefits in 20125 well it's really going to come down to what you're currently receiving plus other factors such as what the Medicare Part B premium is going to increase by but as you can see up there on the screen the max benefit for SSI individuals this year in 20124 is $943 with a 2.5% increase you would see a boost of $24 monthly up to $967 as far as retirees go this year the monthly benefit on average is $197 with a 2.5% increase that would be a $48 per month increase up to 1,9 $155 and then as far as all disabled workers this year on average the benefit is $1,537 with A2 half% increase that would be a $30 $38 per month increase up to $1,575 so again leave your thoughts in comments below what would you think about a 25% Cola would you be happy with it would you be dissatisfied would it be right somewhere in the middle leave your thoughts in comments below I would definitely love to read them but that's all we have for today's video I certainly hope you enjoyed and found value out of it and I will see you in the next one