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Social Security: Qualifying for Retirement Benefits Will Get Tougher in 2025—Key Details You Need

Annie Abella by Annie Abella
October 25, 2024
in Finance
0
Social Security: Qualifying for Retirement Benefits Will Get Tougher in 2025—Key Details You Need

Currently, workers must earn $1,730 to obtain one work credit under the Social Security program. However, this figure will rise to $1,810 in 2025. Individuals can earn a maximum of four credits per year, and the earnings needed to qualify for these credits generally increase each year in line with inflation and average wage trends.

For most full-time workers, this adjustment should not pose a significant challenge. Financial advisory sites, such as the Motley Fool, suggest that even those earning minimum wage full-time would easily secure their four credits for the year. However, part-time workers who are concerned about meeting these requirements should take note of this change as it may affect their future eligibility for benefits.

Cost-of-Living Adjustment (COLA) for 2025

In addition to changes in work credits, the Social Security Administration has announced a 2.5% cost-of-living adjustment (COLA) for 2025. This adjustment, while smaller than those of the previous two years, reflects a moderation in inflation. The AARP estimates that this increase will amount to an additional $48 in monthly benefits for recipients.

This COLA is designed to help Social Security beneficiaries keep pace with the rising cost of living, ensuring that their purchasing power is not eroded over time.

Maximum Earnings Subject to Payroll Taxes

As part of the adjustments for 2025, the maximum amount of earnings subject to Social Security payroll taxes will also increase. For 2024, this limit was set at $168,600, but it will rise to $176,100 in 2025. This change may impact higher earners, as they will contribute more to the Social Security program through payroll taxes.

Additional Payments in November 2024

In the meantime, some Social Security beneficiaries will receive an extra payment in November 2024 due to scheduling. Typically, recipients of Supplemental Security Income (SSI) receive their monthly payments on the first of each month. However, if this date falls on a weekend or holiday, payments are issued early. In this case, SSI recipients will receive their December payment on Friday, November 29, 2024.

Conclusion

As we move into 2025, it’s essential for individuals to stay informed about changes to Social Security benefits. Understanding the adjustments to work credit requirements, the cost-of-living increase, and the implications for payroll taxes can help Americans plan for a more secure retirement. By being proactive about these updates, workers can better prepare for their future financial needs.

Reference Article

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