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

Published: Sep 02, 2024 Duration: 00:04:16 Category: Education

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hey wealthwave family welcome back we've got a crucial day coming up this month that all Social Security beneficiaries need to mark on their calendars whether you're retired receiving SSI or SSDI benefits this is something you can't afford to miss we're talking about the upcoming announcement of the next big increase which will impact your benefits in a big way but before we dive into all the details if you want to get your hands on up to $200 in free stock or cash all right let's get into today's lead story but first we've got some major updates coming in 2025 for all Social Security beneficiaries so let's break down these three important changes you need to know about first up social security credits and taxes are set to change in 2025 if you're still in the workforce and approaching retirement this is something to pay attention to starting in 2025 you'll need to earn more to qualify for social security credits and the wage cap for Social Security taxes will also increase to give you some perspective this year in 2024 you need to earn $1,730 to get one credit and $692 to get all four credits these numbers will go up in 2025 although the exact figures haven't been announced yet next the full retirement age is also being adjusted in 2025 if you plan to retire in the next few years this change will directly impact when you can start receiving your full benefits for the those turning 66 in 2024 your full retirement age is 66 years and 8 months in 2025 that age will move up to 66 years and 10 months and for those born in 1960 or later your full retirement age will be 67 there's even talk in Washington about possibly raising the retirement age to 69 or 70 but nothing's finally ized yet finally let's talk about the cost of living adjustment Cola increase for 2025 this is the one thing that doesn't need congress's approval because it's automatically calculated based on inflation however don't expect the same Big Boost we saw in previous years with inflation easing the cola for 2025 is projected to be around 2.6% % we'll have to wait until October to get the official number but it's likely to be lower than the 3.2% increase we saw in 2024 why is this so important because on September 11 we'll get the inflation data for August which is a key factor in determining the final cola this data will help us predict what your Social Security checks will look like next year so mark your calendars and let's not forget about the potential increase in Medicare Part B premiums which could eat into your Cola the current estimate is a 5.9% increase which could raise your premium to $185 per month if you're on the lower end of Social Security benefits this could significantly impact your budget that's all for today's update if you found this information helpful please give this video a thumbs up consider subscribing to wealthwave if you haven't already and I'll see you in the next video stay informed and take care

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