The Social Security Administration (SSA) has implemented two significant changes that will impact retirees following the recent Cost-of-Living Adjustment (COLA). These updates are essential for retirees planning their finances amidst the evolving economic landscape. Changes to Earnings Test One of the primary changes involves adjustments to the earnings test. For retirees who choose to continue working while receiving Social Security benefits, the income limit has been increased. In 2025, the limit will rise to $24,960, allowing retirees to earn more without experiencing a reduction in benefits. This change is particularly beneficial for those looking to supplement their income as they transition into retirement. Increased Retirement Age Impact The second notable change concern...

Planning for retirement can be challenging, especially when trying to maximize your Social Security benefits. For those seeking the highest possible payment in 2025, understanding the essential requirements is crucial. 1. Meet the Taxable Maximum Earnings To qualify for over $4,873 in Social Security payments, you must earn the taxable maximum for 35 years. As of 2024, this amount is approximately $168,600, and it's expected to rise with inflation. Achieving this level of income consistently can be a significant challenge for many workers. 2. Delay Benefits Until Age 70 Another important factor is when you apply for Social Security. To maximize your benefit, you should wait until you are 70 years old to file. Delaying your application can increase your monthly payment by about ...