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Here Are Two Major Social Security Changes Retirees Need to Know Heading Into 2025. ... For 2025, the new wage base limit is $176,100. This means any dollar over that amount is exempt from Social ...
Some workers could lose more money to Social Security payroll taxes in 2025 because the taxable wage base has gone up. In 2024, you only paid these taxes on your first $168,600 in earnings.
The most notable change to Social Security benefits in 2025 should be good news. ... Social Security Changes Retirees Need to Know Heading Into 2025 ... above the wage base limit in the 35 years ...
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 ...
Income Limits 2024. Income Limits 2025. Benefit Reductions. If you're under FRA. $22,320 per year. $23,400 per year. $1 for every $2 over the limit. If you'll reach your FRA this year
3. The wage cap for Social Security taxes is going up. Social Security is funded primarily by payroll taxes. Each year, there's a wage cap set that dictates how much income gets taxed for Social ...
The general Social Security earnings-test limit in 2025 is $23,400 (up from $22,320 in 2024). You'll have $1 in Social Security withheld for every $2 you earn above that limit.
In 2025, workers are on the hook for Social Security taxes on their first $176,100 of wages. That’s an increase from $168,600 in 2024. That’s an increase from $168,600 in 2024.