Social Security retirement age is increasing, and changes are coming in 2025. Here’s what you need to know:
The full retirement age for people born in 1959 will be pushed back to 66 years and 10 months, making it the latest change as part of ongoing adjustments since the 1980s.
Additionally, there are three other key changes:
* Cost of living adjustment: Social Security’s annual increase will be 2.5%, its smallest adjustment since 2021.
* Taxable earnings: The threshold for paying social security tax will increase to $176,100 from $168,000.
* New Social Security Administration commissioner: Frank Bisignano has been selected by President-elect Donald Trump to lead the agency.
It’s essential to note that while these changes apply in 2025, you can still claim benefits early but must wait longer than your 65th birthday to receive full benefits.
Source: https://qz.com/major-changes-are-coming-to-social-security-in-2025-1851724163