Major Social Security Changes Looming for 2025
TL;DR Summary
In 2025, higher earners will face increased FICA taxes as the maximum taxable income for Social Security rises from $168,600 to $176,100. Additionally, the cost-of-living adjustment (COLA) for Social Security benefits will be 2.5%, the lowest since 2020, which may not keep pace with inflation, particularly for seniors facing rising medical costs. These changes could negatively impact those receiving Social Security benefits before reaching full retirement age and continuing to work.
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