Social Security Changes: What You Need to Know
Taxes and Benefits: How Social Security Changes Will Affect You
According to Fool, As the new year comes, many Americans will be surprised by changes to Social Security. Most people think that Social Security doesn’t help people keep up with rising prices. But, it gives them a little extra money every year to keep up with the cost of living. The exact amount of the 2025 increase hasn’t been announced yet, but it’s expected to be around 2.6%.
Some people will also pay more taxes on Social Security in 2025. Many people think that everyone pays Social Security taxes on all their income. But, that’s not true. The government has a limit on how much income you can earn before you have to pay Social Security taxes. This year, that limit is $168,600. So, if you earn more than that, you’ll only pay taxes on the amount you earn above that limit.
Social Security Shock: 2025 Changes to Impact Your Retirement? (PHOTO: GOOGLE)
Plan Your Retirement: Important Social Security Changes Ahead
The changes to Social Security will be important for many people’s retirement plans. When the government announces the official 2025 increase and limit in October, people will need to know about these changes to plan for their future.
