ARRIVING: 5 BIG Changes to Social Security SSI SSDI… Starting in 2025

here's five big changes that are going to be arriving for Social Security in 2025 regardless of who wins the presidency in this upcoming election in November and this is also going to be including those increased checks so if you're somebody that collects Social Security regardless of if it's retirement SSI SSDI any of the fixed income benefits from the Social Security Administration you're going to want to see this video I'm going to be covering all of these in detail and this article that I'm referencing that has just come out in the past 2 days is going to be linked in the description below we can expect between now and October there's going to be a lot unfolding with social security so let's go ahead and Dive Right In and get you caught up on the latest but before we do do me a quick favor if you appreciate the updates take a quick second hit that like button for me just helps share this video out more hit subscribe to stay up toate it's totally free why not and like I said all of these articles are going to be referenced in the description below along with additional resources for you and your family but that being said let's go ahead and Dive Right In and get you caught up on the latest with five big changes that are going to be arriving in 2025 to Social Security regardless of who wins the presidency all right so as I mentioned this article is going to be linked in the description below I always cite the sources put it on the screen and read right from it so that way you can see it is the latest and this says these five Social Security changes are going to be coming in 2025 no matter who wins the election with an election coming in November all eyes are on the presidential candidates and how they could shape the the future of Social Security if they claim the Oval Office however no matter who wins the White House or control of Congress some changes are going to be happening to Social Security in 2025 here are the five aspects of the programs that will be affected regardless of who rules and one additional one that I've shared with you stick around to the end is wiping out taxation on those collecting Social Security uh stick around to the end for some more updates on how Trump is proposing doing this for all Social Security recipients now number one the size of retirees checks the first big change will impact current retirees seniors who are receiving Social Security will see their payments get bigger next year this is that cost of living adjustment this is happening because automatic cost to living adjustments or colas are built into the benefits program to help offset the erosion of buying power now we've seen some pretty big ones in the past couple of years we're hearing that that could come down substantially we will see it's to depend on the Consumer Price Index reporting over the course of the next couple months I'll keep you up to date on that now as prices go up benefits due too a formula looks at changes to the Consumer Price Index to determine how big the cola will be pundits are currently projecting a 2.6% increase although seniors won't know for sure until October as the formula looks at the data from the third quarter now let me know your thoughts I've heard a lot of experts already say that 2.6 isn't going to cut it that is not enough to help seniors keep up with the inflated cost of living let me know your thoughts I'm hearing a lot of people saying it needs to be multiple times higher number two the amount that you must earn to qualify for a work credit Social Security is a quote earned benefit program you must earn 40 work credits to become eligible for the benefits and can earn up to four credits per year you accumulate work credits by earning and paying taxes on the income that you earn in 2024 you must earn $1,730 to qualify for one work credit so if you make $6,990 this year you'll max out your four credits that you're eligible for the amount that you must earn to get a work credit increases each year to account for wage growth in 2023 for example you could earn a work credit by making just $1,640 for those who are working but not earning a ton it's worth paying attention to this change that's coming next year you don't want to find yourself with too few work credits to collect retirement benefits when you get older number three how much money you can make without affecting your Social Security benefits if you have reached your full retirement age you are allowed to work as much as you'd like with no impact to your benefits that's not changing however if you're under your full retirement age that's not the case as soon as you hit a certain earnings threshold you start to Forfeit some of your Social Security payments eventually the money comes back to you when your benefits are recalculated at full retirement age but in the meantime you could find your Social Security checks dis disappear if your salary is too high the amount that you can earn before this happens is changing in 2025 likely going up because it's indexed to inflation this is good news as it means that people will be able to bring home more in a paycheck and still get their benefits the wage limit in 2024 is 22320 the 2025 limit has not been announced yet but as soon as it is I'll let you guys know as you'll be able to bring home more money from other sources and still be able to collect that social security number four how old you must be to claim your benefits without any penalties 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 benefits at 66 years and 8 months anyone who is not turning 66 until 2025 must wait to start their payment until 66 and 10 months otherwise they will face monthly earning filing penalties that apply to those who claim benefits before the full retirement age this change was set in Motion in 1983 when lawmakers passed a law requiring full retirement age to gradually move later to help improve Social Security's struggling finances number five the amount of income subject to Social Security tax this change is one that high earners may be unhappy about the maximum income subject to Social Security tax will be higher in 2025 so they keep increasing this to help pour more funds into Social Security to help keep it solvent but what we're hearing is I've shared this with you here on the channel we've only got roughly maybe about 10 years left before we have a solvency issue and there could be cuts across the board so they have got to figure out how to keep Social Security funded to last longer so people can get their full benefits if nothing is done we're hearing cuts of 20 to 25% across the board to all all recipients that includes retirement SSI SSDI will unfold so they have got to do something and soon Social Security caps the amount of income that you can pay tax on and get credit for when benefits are calculated the cap is currently $168,600 in 2024 but is indexed 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 these changes happen because social security has Provisions to deal with inflation and because of laws passed a long time ago no matter who wins the elections seniors and future retirees will have to cope with the modifications so it's worth planning now now a lot of people have been waiting for some form of Social Security increases promises from the past administration so we're going to be seeing who comes in what they do about social security and one big major change that has been proposed is eliminating taxes on Social Security what some people call the double taxation of the benefits you pay taxes when you put in as we just read if you make 168,00 you pay into Social Security but also when you pull out you're taxed as well and we've heard Donald Trump say this is not okay we cannot double tax recipients on Social Security he's proposing eliminating it all together now to get the latest on that be sure to check out this video right here next and also so as I mentioned hit subscribe to stay up to date as more comes out I'll keep you up to date on everything but that is the latest you guys thank you so much for joining me and I'll be sure to keep you up to date here on the channel catch you in the next one take care God bless this is Steve