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According to the Social Security Administration (SSA), starting in January the estimated average retirement benefit will increase by $49 a month, from $1,927 to $1,976. This increase is the lowest ...
That increase should boost the average monthly benefit by about $50. ... The wage cap for Social Security taxes is going up. ... The $ 22,924 Social Security bonus most retirees completely overlook.
Social Security COLAs could end up higher if Trump is elected -- but there's a big catch for retirees. Social Security card, U.S. Treasury check, and $100 bills. Image source: Getty Images.
Image source: Getty Images. 1. Social Security benefits are rising by 2.5%. Each year, Social Security benefits are eligible for an automatic cost-of-living adjustment, or COLA.
A report was released on December 1, [1] recommending a combination of spending cuts (including an increase in the Social Security retirement age and cuts to military, benefit, and domestic spending) and tax increases (including restricting or eliminating certain tax credits and deductions and increasing the federal gasoline tax). [3]
The Social Security Administration announced recently that seniors will get a 2.5% benefits increase for the 2025 year. That amounts to around $49 more in monthly benefits for the average retiree.
3. Maximum Social Security benefit also set to increase. The maximum Social Security benefit for a worker retiring at full retirement age will increase from $3,822 in 2024 to $4,018 in 2025. This ...
It also increases program spending, which means Congress must now surmount an even greater funding shortfall. The $ 22,924 Social Security bonus most retirees completely overlook.