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You've decided that 2025 is the year you're finally going to claim Social Security. The government bases your Social Security benefits on your income during your working years and your age at sign-up.
On the other hand, your payout is permanently reduced by 25% to 30% when collecting at age 62 (depending on your birth year). ... Once you learn how to maximize your Social Security benefits, we ...
Image source: Getty Images. 1. The 2025 Social Security COLA. Social Security beneficiaries are getting a 2.5% cost-of-living adjustment, or COLA, starting with the payment they receive in January ...
You can delay claiming Social Security benefits until FRA, to get your full benefits and avoid the earnings test, or even delay until age 70, to maximize your benefits.
According to the SSA, each year you work will replace a zero or low earnings year in your Social Security benefit calculation. This can help to increase your benefit amount. However, there is a ...
Seniors get a bump in their Social Security benefit every year called the cost-of-living adjustment . The 2025 COLA of 2.5% was announced in October and goes into effect in January.
You can work and still receive Social Security if you have reached your full retirement age, which is between 66 and 67 depending on your birth year. This is true no matter how much income you earn.
Not only will this make it more difficult to earn the max benefit, but if you're earning between $168,600 and $176,100 per year, you'll face Social Security taxes on more of your income.