Social Security 2025: What the new tax limit means for Americans
3 days, 7 hours ago

Social Security 2025: What the new tax limit means for Americans

India Today  

As we step into 2025, millions of Americans are keeping a close eye on their finances, particularly when it comes to Social Security. The New Ceiling: $176,100 The big news for 2025 is the increase in the Social Security tax limit. This year, the maximum amount of earnings subject to Social Security tax has been set at $176,100, up from $168,600 in 20241. If you're earning less than $176,100 annually, you'll continue to pay the standard 6.2% Social Security tax on your entire salary. The government is also looking ahead, trying to ensure that Social Security can continue to provide for an aging population that's living longer than ever before.

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History of this topic

Column: The richest Americans finished paying their Social Security taxes last week. Most of us will pay all year
3 days, 2 hours ago

Column: The richest Americans finished paying their Social Security taxes last week. Most of us will pay all year

LA Times  

Elon Musk: Has he paid his entire Social Security tax already — or will he owe nothing? Here are some rough calculations of when some of America’s richest individuals fulfilled their Social Security tax obligations for 2025: For Apple Chief Executive Tim Cook, it was at about 2 p.m. on New Year’s Day. “A civil engineer earning $176,100 per year …

Higher Social Security payments coming for millions of people from bill that Biden signed
Trending News
4 days, 12 hours ago

Higher Social Security payments coming for millions of people from bill that Biden signed

Associated Press  

WASHINGTON — President Joe Biden on Sunday signed into law a measure that boosts Social Security payments for current and former public employees, affecting nearly 3 million people who receive pensions from their time as teachers, firefighters, police officers and in other public service jobs. The bill rescinds two provisions — the Windfall Elimination Provision and the Government Pension Offset …

Here's what happens when the world's richest man buys the presidency
3 weeks, 5 days ago

Here's what happens when the world's richest man buys the presidency

Raw Story  

In 1935, President Franklin Roosevelt created Social Security, an insurance contract between Americans and the federal government that pays out on certain life events. Trump’s GOP will be making “hard” choices, meaning they will be cutting benefits, in order to fund tax cuts for wealthy donors. Musk and Ramaswamy went to Capitol Hill last week to talk up their plans …

Social Security COLA increase for 2025: What to expect
3 weeks, 6 days ago

Social Security COLA increase for 2025: What to expect

India Today  

The year 2025 will bring good news for Social Security beneficiaries. Over 72.5 million Americans will experience a 2.5% increase in their Social Security benefits and Supplementary Security Income payments. “Social Security benefits and SSI payments will increase in 2025, helping tens of millions of people keep up with expenses even as inflation has started to cool,” Martin O'Malley, Commissioner …

Social Security 2025 benefits expected to increase: Key details on inflation impact
4 months, 1 week ago

Social Security 2025 benefits expected to increase: Key details on inflation impact

Hindustan Times  

The estimates suggest that Social Security benefits could witness a hike of 2.57% for the cost-of-living adjustment in 2025. This is because if an individual is 62 or above in 2024 they will automatically be able to benefit from that year’s COLA even if they claim the Social Security benefits later. While there is insufficient information for the final inflation …

Social Security benefits will increase by 3.2% in 2024 as inflation moderates
1 year, 2 months ago

Social Security benefits will increase by 3.2% in 2024 as inflation moderates

Associated Press  

WASHINGTON — Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year’s historic boost and reflecting moderating consumer prices. “Compared to last year’s 8.7% increase, this is going to feel small and the perception is that its not keeping up with the inflation and the higher costs that retirees are …

Social Security benefits will increase by 3.2% in 2024
1 year, 2 months ago

Social Security benefits will increase by 3.2% in 2024

LA Times  

Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year’s historic boost and reflecting moderating consumer prices. “This will help millions of people keep up with expenses,” said Kilolo Kijakazi, Social Security’s acting commissioner. “Retirees can rest a little easier at night knowing they will soon receive an increase in …

Sanders-Warren plan would tax the rich to increase Social Security by $2,400 a year
1 year, 10 months ago

Sanders-Warren plan would tax the rich to increase Social Security by $2,400 a year

Salon  

As congressional Republicans threaten to cut Social Security and other key federal programs, progressive Sens. Bernie Sanders and Elizabeth Warren led a group of lawmakers Monday in unveiling legislation that would increase Social Security benefits by at least $200 per month and prolong the program's solvency for decades by finally requiring wealthy Americans to pay their fair share. "While House …

Social Security benefits to jump by 8.7% next year
2 years, 2 months ago

Social Security benefits to jump by 8.7% next year

Associated Press  

WASHINGTON — Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023, a historic increase but a gain that will be eaten up in part by the rising cost of everyday living. “This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows …

Column: Social Security trustees say the U.S. is rich enough to expand, not shrink, benefits
2 years, 7 months ago

Column: Social Security trustees say the U.S. is rich enough to expand, not shrink, benefits

LA Times  

After passing a huge tax cut for the rich, Senate Republican leader Mitch McConnell blamed Social Security and Medicare for the federal deficit. In 2018, then-Senate Majority Leader Mitch McConnell, identified “entitlements” — that’s Washington-speak for Social Security, Medicare and Medicaid — as “the real drivers of the debt” and called for them to be adjusted “to the demographics of …

Social Security checks getting big boost as inflation rises
3 years, 2 months ago

Social Security checks getting big boost as inflation rises

Associated Press  

WASHINGTON — Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022. “You never want to minimize the importance of the COLA,” said retirement policy expert Charles Blahous, a former public trustee helping to oversee Social Security and Medicare finances. We are talking the necessities of living in many cases.” This year’s Social Security trustees …

Retiree checks to rise 1.3% in 2021 amid coronavirus fallout
4 years, 2 months ago

Retiree checks to rise 1.3% in 2021 amid coronavirus fallout

Associated Press  

WASHINGTON — Social Security recipients will get a modest 1.3% cost-of living-increase in 2021, but that might be small comfort amid worries about the coronavirus and its consequences for older people. “We are looking at a period where there are growing inadequacies in Social Security benefits, particularly for people with lower-to-middle benefits.” With the just-announced COLA, the estimated average Social …

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