IMPORTANT Day For Social Security Increase THIS Month | SSA, SSI, SSDI Increase

hey everyone welcome back hope you're having a fantastic day so far so this month we have a very important day coming up which is going to be extremely important for all Social Security beneficiaries whether you're a retiree whether you're receive SSI benefits or whether you receive SSDI benefits it's going to be extremely important in regards to the next increase that's going to be announced coming up 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 okay so diving right into our lead story of today's video before we get into the important date coming up later this month we of course are going to be going over three important changes coming up in 2025 for all Social Security beneficiaries so let's go ahead and dive right into this article here by Kiplinger so they say that the first one of course starting off with the third one on their list is that social security credits and taxes are going to be changing in 2025 this is going to be something that we have to keep in mind especially for those still in the workforce and nearing Social Security retirement so in 2025 you'll have to earn more to qualify for social security credits and the wage cap for Social Security taxes will also increase so basically as far as social security credits go you must earn a minimum number of social security credits to qualify for retirement benefits the Social Security Administration cannot pay you benefits if you don't have enough credits and you must earn 40 work credits to become eligible for benefits and you are allowed to earn up to four credits per year so this would be based out obviously over 10 working years now to earn one credit this year in 2024 you must have wages and self-employment income of $1,730 and you must earn $692 to get four full credits this amount increases annually so it will rise in 2025 but the exact amount has not been announced yet in 2023 you only needed to earn $1,640 to earn a credit which is $90 less than what you need to earn in 2024 so of course this is going to be increasing next year in 2025 this will be announced very soon now another change that will be taking place next year in 2025 is that the full retirement age will be adjusted as well so in 2025 you will have to be just a little bit older in order to receive your full retirement benefits so they go on to say that in 2025 You full retirement age will be 66 years and 10 months for those who turn 66 in 202 4 the f is 66 years and 8 months so this is when you will reach your F by birth year so if you were born in 1958 your f is aged 66 and 6 months and was reached in 2024 if you were born in 1959 your F in that case is aged 66 and 10 months and will be reached in 20125 and finally if you were born in 1960 or later your F in that case is a age 67 and will be reached in 2026 and after so if you were born in 1960 or later that is the last year in which your full retirement age will be going up at that point is going to be 67 for anyone born in 1960 or later and right now in Washington unfortunately for a lot of people they are in discussions of actually raising the full retirement age once again up from 67 up to perhaps 69 or 70 their argument being that people are living longer therefore they should be working longer and they shouldn't be receiving the full retirement benefit longer than what they need to be and also of course they have that whole solvency issue right now where there's less money coming into the trust fund than money going out so they need to delay that somehow or we don't have the solvency issue coming up in 10 years maybe they can push that back a few more years by delaying people receiving their full retirement benefits for at least maybe two to three more years so that is one of the things in discussion right now in DC hasn't been passed but it is possible that once they come to an agreement whenever Republicans and Democrats reach an agreement we could see that F once again raise up to perhaps 69 or 70 of course that will probably be to those who are like maybe age 50 or age 40 and lower now the last change that we will have to keep an eye out for in 2025 is the cola increase that is the cost living adjustment increase so everyone receiving Social Security benefits whether you're a retiree whether you receive SSI or whether you receive disability benefits you will be receiving an increase in 2025 this is guaranteed it does not need to be passed through Congress this is because it is automatic through the cost of living adjustment so this is going to be the last change that we need to keep an eye out for so they say that your Social Security cost living adjustment is likely to be smaller than in 2024 inflation eased for the fourth month in a row to 2.9% % in July the easing inflation rate means retirees will get a smaller increase in their Social Security checks next year versus the increase they got in previous years when inflation was higher the projected Cola for 2025 is 2.57% the projection is based on the July CPI numbers which is the first of three sets of numbers the SSA will use to determine the 2025 Cola we will have to wait until October to find out what the final Cola for 2025 will be for 20 24 the Social Security Cola was 3.2% so we have seen numerous projections out there my personal projection is 2.6% although I've seen anywhere between 2.4 to 2.8% and we're going to be going over the numbers here and why this date coming up this month in September is very very important so you can see the schedule of releases for the Consumer Price Index there up on the screen so you can see the release date on September 11th that is going to give us inflation data for the month of August and basically how we figure once again the cost living adjustment increases is that we have to take three months this year the three months are going to be July August and September these are the inflation data from July August and September these are released one month later so the July data is released in August the August data is released in September and the September data is released in October so in September we are going to be getting the August data last month in August we already received the July data so once again you can see up on the screen all these numbers really there's only six numbers that we will have to pay attention to you can see this is the CPI chart which is the Consumer Price Index for urban wage earners and clerical workers this is the data they use to figure out what the cost of living adjustment is going to be so you can see on the left hand uh part of the screen it will say 2023 and we're going to be looking at those highlighted numbers coming down from July August and September it says 893 309 89822 n and 900. 332 and then if we come down to 2024 so far we just have the July number of 91893 so right now if we take the July of 2024 and we divide that by the July number of 2023 what that comes out to is 2.87% so we will be looking at a cost living adjustment right around 2.9% if it keeps the current Pace however if we don't see any inflation take place over the next couple months which would be like almost kind of the worst case scenario for a better Cola but the best case scenario for not seeing any additional inflation what would happen in that case is that we would see a 2.4% increase because that would be would be like basically if the CPI W kept the current pace of 91893 one and that number repeated itself over the next two months however if we see a 0.2% increase month over month which would be a 2 .4% annualized inflation rate which would be a lot more realistic with how things are currently going the numbers would be 92.7 69 in August and then 92261 in September which you probably wonder what that would mean basically what that would mean if we tally up those three numbers from this year and we divide it by the three numbers of last year what that would come up with is a 2.6% cost ofing adjustment in 2025 and how exactly is this relevant to you you well we're going to be breaking down the numbers right now so as far as individuals receiving SSI benefits this year the max benefit that you can receive up there on the screen is $943 with a 2.6% increase that would increase the benefit up to $968 once again that is the maximum not the average then as far as couples go right now the max for couples is $1,415 with a 2.6% increase that would boost that benefit up to $1,400 $52 which would be a $37 increase then as far as retired workers go this year the average benefit is $197 with a 2.6% increase there would be a $50 per month boost up to $1,957 on average and then as far as all disabled workers go this year on average the average disability benefit is $1,537 with a 2.6% increase there would be a $40 boost to that up to 1,5 $77 now a very important number that we will also have to keep our eyes out for are the increases in the Medicare Part B premium now right now according to estimates at least it looks like that it's going to be increased by 5.9% which would be higher than the cost living adjustment that's looking to get boosted up to $185 per month so it's going to hurt those especially receiving the less amount now because there increases if you're re if you're already receiving a low am amount of money and you're only receiving let's say like a $20 increase for your Cola well guess what if you're receiving like a Medicare Part B premium increase of like10 or $11 that's going to slash your cost living adjustment down in half so it's really going to affect those earning the lowest amounts the most but again this is not finalized we will not know the final numbers until October as far as the cost deling adjustment goes and then we may not know the official Medicare Part B premium number until at some point in November but that's all we for today's video I certainly hope you enjoyed and found value out of it if you did again I would greatly appreciate if you could give this video a like consider subscribing to my channel if you have not already and I will see you in the next video