The COLA was 3.2% in 2024. Nearly 68 million Social Security beneficiaries will see a 2.5% COLA beginning in January 2025. Increased payments to nearly 7.5 million people receiving SSI will begin on December 31, 2024.
For 2024, Social Security recipients got a 3.2% COLA. In 2023, the annual adjustment reached 8.7% — a nearly 40-year high as inflation soared — while the 2022 COLA stood at 5.9%.
In October, the Social Security Administration (SSA) announced a 2.5% cost-of-living adjustment (COLA). This benefit increase became effective on Jan. 1, 2025.
Generally, the maximum Federal SSI benefit amount changes yearly. SSI benefits increased in 2024 because there was an increase in the Consumer Price Index from the third quarter of 2022 to the third quarter of 2023. Effective January 1, 2024 the Federal benefit rate is $943 for an individual and $1,415 for a couple.
Also, as of January 2024, individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly) pay an additional 0.9% in Medicare taxes; employers are not required to pay a matching 0.9% portion of the additional Medicare tax.
Have you heard about the Social Security $16,728 yearly bonus? There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.
The Social Security 5-year rule refers specifically to disability benefits. It requires that you must have worked five out of the last ten years immediately before your disability onset to qualify for Social Security Disability Insurance (SSDI).
Starting in 2025, tax Social Security benefits in a manner similar to private pension income.
If you are younger than the full retirement age, which is 67 for most, the annual earnings cap is $22,320 for 2024. After that, 50% of anything you earn over the cap will be held back from your Social Security.
You do not need to take any action to get this payment. Here is some helpful information about the one-time payment that you will receive: Your one-time payment will be $250. Each person will get only one payment. If you receive both Social Security and SSI benefits, you will receive only one payment of $250.
If your spouse dies, do you get both Social Security benefits? You cannot claim your deceased spouse's benefits in addition to your own retirement benefits. Social Security only will pay one—survivor or retirement. If you qualify for both survivor and retirement benefits, you will receive whichever amount is higher.
In 2025, the standard monthly premium for Medicare Part B will be $185, an increase of $10.30 from the 2024 amount. The deductible for Part B services will be $257, a $17 increase from the deductible of $240 in 2024.
Exactly how much in earnings do you need to get a $3,000 benefit? Well, you just need to have averaged about 70% of the taxable maximum. In our example case, that means that your earnings in 1983 were about $22,000 and increased every year to where they ended at about $100,000 at age 62.
Key Features of the New Rule
Starting September 30, 2024, anyone who has not previously registered with us and who wants to be appointed as a representative must register with us using the Form SSA-1699 before we will recognize a new appointment request.
But even if you never worked and therefore don't have an earnings record, you're not necessarily out of luck. If you're married (or were married) to someone who's entitled to Social Security, you can collect spousal benefits equal to 50% of your husband or wife's benefits at full retirement age.
How do you get $144 added back to your Social Security check every month? If you enroll in a Medicare Advantage plan with a Part B giveback benefit, the plan reduces the amount deducted from your Social Security check for Medicare Part B, which could add up to $144 back to your check each month.
The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2025, your maximum benefit would be $4,018. However, if you retire at age 62 in 2025, your maximum benefit would be $2,831. If you retire at age 70 in 2025, your maximum benefit would be $5,108.
The Centers for Medicare & Medicaid Services (CMS) has announced that the standard monthly Part B premium will be $185.00 in 2025, an increase of $10.30 from $174.70 in 2024.
For tax year 2024, the standard deduction for married couples filing jointly rises to $29,200, an increase of $1,500 from 2023. For single taxpayers, the standard deduction rose to $14,600, a $750 increase from the previous year.