ARRIVING： 5 BIG Changes to Social Security SSI SSDI… Starting in 2025  ||  Latest Update - video Dailymotion

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00:00Here's five big changes that are going to be arriving for Social Security in 2025,

00:05regardless of who wins the presidency in this upcoming election in November.

00:10And this is also going to be including those increased checks.

00:13So if you're somebody that collects Social Security, regardless of if it's retirement,

00:17SSI, SSDI, any of the fixed income benefits from the Social Security Administration,

00:22you're going to want to see this video.

00:24I'm going to be covering all of these in detail.

00:26And this article that I'm referencing that has just come out in the past two days

00:30is going to be linked in the description below.

00:32We can expect between now and October, there's going to be a lot unfolding with Social Security.

00:38So let's go ahead and dive right in and get you caught up on the latest.

00:40But before we do, do me a quick favor.

00:42If you appreciate the updates, take a quick second,

00:45hit that like button for me.

00:46Just helps share this video out more.

00:48Hit subscribe to stay up to date.

00:50It's totally free.

00:52Why not?

00:52And like I said, all of these articles are going to be referenced in the description below,

00:56along with additional resources for you and your family.

00:59But with that being said, let's go ahead and dive right in and get you caught up on the latest

01:03with five big changes that are going to be arriving in 2025 to Social Security,

01:08regardless of who wins the presidency.

01:10All right.

01:10So as I mentioned, this article is going to be linked in the description below.

01:13I always cite the sources, put it on the screen and read right from it.

01:16So that way you can see it is the latest.

01:18And this says these five Social Security changes are going to be coming in 2025,

01:22no matter who wins the election.

01:24With an election coming in November, all eyes are on the presidential candidates

01:28and how they could shape the future of Social Security if they claim the Oval Office.

01:33However, no matter who wins the White House or control of Congress,

01:36some changes are going to be happening to Social Security in 2025.

01:41Here are the five aspects of the programs that will be affected regardless of who rules.

01:46And one additional one that I've shared with you.

01:48Stick around to the end is wiping out taxation on those collecting Social Security.

01:54Stick around to the end for some more updates on how Trump is proposing

01:58doing this for all Social Security recipients.

02:00Now, number one, the size of retirees checks.

02:03The first big change will impact current retirees.

02:07Seniors who are receiving Social Security will see their payments get bigger next year.

02:12This is that cost of living adjustment.

02:14This is happening because automatic cost of living adjustments

02:18are built into the benefits program to help offset the erosion of buying power.

02:23Now, we've seen some pretty big ones in the past couple of years.

02:26We're hearing that that could come down substantially.

02:28We will see.

02:29It's going to depend on the Consumer Price Index reporting

02:32over the course of the next couple months.

02:34I'll keep you up to date on that.

02:36Now, as prices go up, benefits do too.

02:38A formula looks at changes to the Consumer Price Index to determine how big the COLA will be.

02:44Pundits are currently projecting a 2.6% increase,

02:48although seniors won't know for sure until October,

02:50as the formula looks at the data from the third quarter.

02:54Now, let me know your thoughts.

02:55I've heard a lot of experts already say that 2.6 isn't going to cut it.

02:59That is not enough to help seniors keep up with the inflated cost of living.

03:03Let me know your thoughts.

03:03I'm hearing a lot of people saying it needs to be multiple times higher.

03:07Number two, the amount that you must earn to qualify for a work credit.

03:11Social Security is a, quote, earned benefit program.

03:14You must earn 40 work credits to become eligible for the benefits

03:17and can earn up to four credits per year.

03:20You accumulate work credits by earning and paying taxes on the income that you earn.

03:24In 2024, you must earn $1,730 to qualify for one work credit.

03:30So if you make $6,920 this year, you'll max out your four credits that you're eligible for.

03:36The amount that you must earn to get a work credit

03:39increases each year to account for wage growth.

03:42In 2023, for example, you could earn a work credit by making just $1,640.

03:48For those who are working but not earning a ton,

03:51it's worth paying attention to this change that's coming next year.

03:54You don't want to find yourself with too few work credits

03:57to collect retirement benefits when you get older.

03:59Number three, how much money you can make without affecting your Social Security benefits.

04:04If you have reached your full retirement age,

04:06you are allowed to work as much as you'd like with no impact to your benefits.

04:10That's not changing.

04:12However, if you're under your full retirement age, that's not the case.

04:16As soon as you hit a certain earning threshold,

04:18you start to forfeit some of your Social Security payments.

04:21Eventually, the money comes back to you when your benefits are recalculated at full retirement age.

04:26But in the meantime, you could find your Social Security checks disappear

04:30if your salary is too high.

04:32The amount that you can earn before this happens is changing in 2025,

04:37likely going up because it's indexed to inflation.

04:40This is good news as it means that people will be able to bring home

04:43more in a paycheck and still get their benefits.

04:46The wage limit in 2024 is $22,320.

04:50The 2025 limit has not been announced yet,

04:52but as soon as it is, I'll let you guys know as you'll be able to bring home

04:56more money from other sources and still be able to collect that Social Security.

05:01Number four, how old you must be to claim your benefits without any penalties.

05:06Near-retirees will be impacted by another pretty major change in 2025,

05:11which is baked in and happening automatically.

05:14The age at which they can claim full benefits is moving later.

05:17While those who turn 66 in 2024 can claim their full unreduced benefits at 66 years and 8 months,

05:24anyone who is not turning 66 until 2025 must wait to start their payments until 66 and 10 months.

05:32Otherwise, they will face monthly earning filing penalties

05:35that apply to those who claim benefits before the full retirement age.

05:39This change was set in motion in 1983 when lawmakers passed a law requiring

05:44full retirement age to gradually move later to help improve Social Security's struggling finances.

05:51Number five, the amount of income subject to Social Security tax.

05:54This change is one that high earners may be unhappy about.

05:58The maximum income subject to Social Security tax will be higher in 2025,

06:03so they keep increasing this to help pour more funds into Social Security

06:07to help keep it solvent.

06:08But what we're hearing is, I've shared this with you here on the channel,

06:11we've only got roughly maybe about 10 years left before we have a solvency issue

06:15and there could be cuts across the board.

06:17So they have got to figure out how to keep Social Security funded

06:21to last longer so people can get their full benefits.

06:24If nothing is done, we're hearing cuts of 20 to 25 percent across the board

06:29to all recipients that includes retirement, SSI, SSDI will unfold.

06:34So they have got to do something and soon.

06:37Social Security caps the amount of income that you can pay tax on

06:40and get credit for when benefits are calculated.

06:43The cap is currently $168,600 in 2024, but is indexed to inflation.

06:50So it will climb higher next year.

06:52If you make more than $168,600 in 2025,

06:56you can expect a higher Social Security tax bill next year once this limit is increased.

07:01These changes happen because Social Security has provisions to deal with inflation

07:06and because of laws passed a long time ago.

07:09No matter who wins the elections,

07:11seniors and future retirees will have to cope with the modifications.

07:15So it's worth planning now.

07:17Now, a lot of people have been waiting for some form of Social Security increases,

07:21promises from the past administration.

07:23So we're going to be seeing who comes in, what they do about Social Security.

07:27And one big major change that has been proposed

07:30is eliminating taxes on Social Security,

07:32what some people call the double taxation of the benefits.

07:36You pay taxes when you put in, as we just read.

07:38If you make $168,600, you pay into Social Security,

07:43but also when you pull out, you're taxed as well.

07:46And we've heard Donald Trump say, this is not okay.

07:49We cannot double tax recipients on Social Security.

07:53He's proposing eliminating it altogether.

07:56Now, to get the latest on that, be sure to check out this video right here next.

07:59And also, as I mentioned, hit subscribe to stay up to date.

08:01As more comes out, I'll keep you up to date on everything.

08:04But that is the latest, you guys.

08:06Thank you so much for joining me.

08:07And I'll be sure to keep you up to date here on the channel.

08:09Catch you in the next one.

08:10Take care.

08:11God bless.

08:12This is Steve.

ARRIVING： 5 BIG Changes to Social Security SSI SSDI… Starting in 2025 || Latest Update

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