ARRIVING： 5 BIG Changes to Social Security SSI SSDI… Starting in 2025 || Latest Update
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Social Security Update – These 5 social security changes are coming in 2025
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Social Security Update – These 5 social security changes are coming in 2025
IMPORTANT NOTE:
"RESPECT THEIR HARD WORK,"
The Original Video Link OF The Owner Of this Video Is Below "https://www.youtube.com/watch?v=yi208dN-DGE"
Make Sure To Subscribe their Channel "Steve Ram"
Transcript
00:00Here's five big changes that are going to be arriving for Social Security in 2025,
00:05regardless of who wins the presidency in this upcoming election in November.
00:10And this is also going to be including those increased checks.
00:13So if you're somebody that collects Social Security, regardless of if it's retirement,
00:17SSI, SSDI, any of the fixed income benefits from the Social Security Administration,
00:22you're going to want to see this video.
00:24I'm going to be covering all of these in detail.
00:26And this article that I'm referencing that has just come out in the past two days
00:30is going to be linked in the description below.
00:32We can expect between now and October, there's going to be a lot unfolding with Social Security.
00:38So let's go ahead and dive right in and get you caught up on the latest.
00:40But before we do, do me a quick favor.
00:42If you appreciate the updates, take a quick second,
00:45hit that like button for me.
00:46Just helps share this video out more.
00:48Hit subscribe to stay up to date.
00:50It's totally free.
00:52Why not?
00:52And like I said, all of these articles are going to be referenced in the description below,
00:56along with additional resources for you and your family.
00:59But with that being said, let's go ahead and dive right in and get you caught up on the latest
01:03with five big changes that are going to be arriving in 2025 to Social Security,
01:08regardless of who wins the presidency.
01:10All right.
01:10So as I mentioned, this article is going to be linked in the description below.
01:13I always cite the sources, put it on the screen and read right from it.
01:16So that way you can see it is the latest.
01:18And this says these five Social Security changes are going to be coming in 2025,
01:22no matter who wins the election.
01:24With an election coming in November, all eyes are on the presidential candidates
01:28and how they could shape the future of Social Security if they claim the Oval Office.
01:33However, no matter who wins the White House or control of Congress,
01:36some changes are going to be happening to Social Security in 2025.
01:41Here are the five aspects of the programs that will be affected regardless of who rules.
01:46And one additional one that I've shared with you.
01:48Stick around to the end is wiping out taxation on those collecting Social Security.
01:54Stick around to the end for some more updates on how Trump is proposing
01:58doing this for all Social Security recipients.
02:00Now, number one, the size of retirees checks.
02:03The first big change will impact current retirees.
02:07Seniors who are receiving Social Security will see their payments get bigger next year.
02:12This is that cost of living adjustment.
02:14This is happening because automatic cost of living adjustments
02:18are built into the benefits program to help offset the erosion of buying power.
02:23Now, we've seen some pretty big ones in the past couple of years.
02:26We're hearing that that could come down substantially.
02:28We will see.
02:29It's going to depend on the Consumer Price Index reporting
02:32over the course of the next couple months.
02:34I'll keep you up to date on that.
02:36Now, as prices go up, benefits do too.
02:38A formula looks at changes to the Consumer Price Index to determine how big the COLA will be.
02:44Pundits are currently projecting a 2.6% increase,
02:48although seniors won't know for sure until October,
02:50as the formula looks at the data from the third quarter.
02:54Now, let me know your thoughts.
02:55I've heard a lot of experts already say that 2.6 isn't going to cut it.
02:59That is not enough to help seniors keep up with the inflated cost of living.
03:03Let me know your thoughts.
03:03I'm hearing a lot of people saying it needs to be multiple times higher.
03:07Number two, the amount that you must earn to qualify for a work credit.
03:11Social Security is a, quote, earned benefit program.
03:14You must earn 40 work credits to become eligible for the benefits
03:17and can earn up to four credits per year.
03:20You accumulate work credits by earning and paying taxes on the income that you earn.
03:24In 2024, you must earn $1,730 to qualify for one work credit.
03:30So if you make $6,920 this year, you'll max out your four credits that you're eligible for.
03:36The amount that you must earn to get a work credit
03:39increases each year to account for wage growth.
03:42In 2023, for example, you could earn a work credit by making just $1,640.
03:48For those who are working but not earning a ton,
03:51it's worth paying attention to this change that's coming next year.
03:54You don't want to find yourself with too few work credits
03:57to collect retirement benefits when you get older.
03:59Number three, how much money you can make without affecting your Social Security benefits.
04:04If you have reached your full retirement age,
04:06you are allowed to work as much as you'd like with no impact to your benefits.
04:10That's not changing.
04:12However, if you're under your full retirement age, that's not the case.
04:16As soon as you hit a certain earning threshold,
04:18you start to forfeit some of your Social Security payments.
04:21Eventually, the money comes back to you when your benefits are recalculated at full retirement age.
04:26But in the meantime, you could find your Social Security checks disappear
04:30if your salary is too high.
04:32The amount that you can earn before this happens is changing in 2025,
04:37likely going up because it's indexed to inflation.
04:40This is good news as it means that people will be able to bring home
04:43more in a paycheck and still get their benefits.
04:46The wage limit in 2024 is $22,320.
04:50The 2025 limit has not been announced yet,
04:52but as soon as it is, I'll let you guys know as you'll be able to bring home
04:56more money from other sources and still be able to collect that Social Security.
05:01Number four, how old you must be to claim your benefits without any penalties.
05:06Near-retirees will be impacted by another pretty major change in 2025,
05:11which is baked in and happening automatically.
05:14The age at which they can claim full benefits is moving later.
05:17While those who turn 66 in 2024 can claim their full unreduced benefits at 66 years and 8 months,
05:24anyone who is not turning 66 until 2025 must wait to start their payments until 66 and 10 months.
05:32Otherwise, they will face monthly earning filing penalties
05:35that apply to those who claim benefits before the full retirement age.
05:39This change was set in motion in 1983 when lawmakers passed a law requiring
05:44full retirement age to gradually move later to help improve Social Security's struggling finances.
05:51Number five, the amount of income subject to Social Security tax.
05:54This change is one that high earners may be unhappy about.
05:58The maximum income subject to Social Security tax will be higher in 2025,
06:03so they keep increasing this to help pour more funds into Social Security
06:07to help keep it solvent.
06:08But what we're hearing is, I've shared this with you here on the channel,
06:11we've only got roughly maybe about 10 years left before we have a solvency issue
06:15and there could be cuts across the board.
06:17So they have got to figure out how to keep Social Security funded
06:21to last longer so people can get their full benefits.
06:24If nothing is done, we're hearing cuts of 20 to 25 percent across the board
06:29to all recipients that includes retirement, SSI, SSDI will unfold.
06:34So they have got to do something and soon.
06:37Social Security caps the amount of income that you can pay tax on
06:40and get credit for when benefits are calculated.
06:43The cap is currently $168,600 in 2024, but is indexed to inflation.
06:50So it will climb higher next year.
06:52If you make more than $168,600 in 2025,
06:56you can expect a higher Social Security tax bill next year once this limit is increased.
07:01These changes happen because Social Security has provisions to deal with inflation
07:06and because of laws passed a long time ago.
07:09No matter who wins the elections,
07:11seniors and future retirees will have to cope with the modifications.
07:15So it's worth planning now.
07:17Now, a lot of people have been waiting for some form of Social Security increases,
07:21promises from the past administration.
07:23So we're going to be seeing who comes in, what they do about Social Security.
07:27And one big major change that has been proposed
07:30is eliminating taxes on Social Security,
07:32what some people call the double taxation of the benefits.
07:36You pay taxes when you put in, as we just read.
07:38If you make $168,600, you pay into Social Security,
07:43but also when you pull out, you're taxed as well.
07:46And we've heard Donald Trump say, this is not okay.
07:49We cannot double tax recipients on Social Security.
07:53He's proposing eliminating it altogether.
07:56Now, to get the latest on that, be sure to check out this video right here next.
07:59And also, as I mentioned, hit subscribe to stay up to date.
08:01As more comes out, I'll keep you up to date on everything.
08:04But that is the latest, you guys.
08:06Thank you so much for joining me.
08:07And I'll be sure to keep you up to date here on the channel.
08:09Catch you in the next one.
08:10Take care.
08:11God bless.
08:12This is Steve.