Social security payments to rise 2.5% in 2025
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Posted by: RStokes
Date: Oct 28 2024 12:57 PM
The Social Security Administration said it plans to raise benefits by 2.5% in 2025, thanks to a cost-of-living adjustment (COLA).
With the increase, the average Social Security monthly benefit check will rise by about $50.
Benefits were increased by 3.2% this year, after an 8.7% increase in 2023.
The Social Security Administration also plans to raise the level of wages subject to Social Security taxes. In 2025, Social Security will tax wages up to $176,100, up from $168,600 in 2024. The change will take a effect in January 2025, though the 6.2% tax rate will remain the same.
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