Reported 13 days ago
As retirement approaches, understanding Social Security is crucial. In 2025, retirees can expect increased benefits, with a 2.5% cost-of-living adjustment and a rise in the maximum monthly benefit from $4,873 to $5,108. However, few will qualify for this maximum due to stringent earning requirements. Additionally, higher earners will face increased Social Security taxes, while concerns about the program's financial health continue as its surplus diminishes. While retirees won't lose all benefits by 2035, they may only receive 83% of their owing amount unless reforms are made.
Source: YAHOO