Social Security benefits in 2025: 5 big changes retirees should plan for
By Rachel Christian, Bankrate.com (TNS)
If you’re retired or planning to retire soon, it’s important to have a plan for your retirement income. For most people, Social Security will play a significant role in this plan, so staying up to date on the latest benefits information is crucial.
The Social Security Administration recently announced several key changes to the program for 2025, including its annual cost of living adjustment (COLA). Here are some key changes to Social Security happening next year – and what you need to know.
Watch for these 5 changes to Social Security in 2024
More than 72.5 million people depend on one of Social Security’s benefit programs, so annual changes to the program and its payouts are always highly anticipated.
This year’s cost-of-living adjustment is lower than last year’s 3.2 percent increase. Still, any additional income is a welcome boost for beneficiaries who live on fixed incomes. (If you need help developing a plan for your retirement income, you may want to consider hiring a financial advisor.)