As 2025 approaches, several key changes to Social Security are expected that will impact both current workers and retirees. These include a likely smaller cost-of-living adjustment (COLA) due to easing inflation, an increase in the full retirement age (FRA) to 66 years and 10 months, and higher earnings requirements for Social Security credits along with a raised wage cap for Social Security taxes. Understanding these upcoming adjustments can help you plan effectively to maximize your Social Security benefits in the coming year. Stay tuned for the official announcements from the Social Security Administration in October 2024.

Read the full article at kiplinger.com to learn more about these changes and how they may affect your financial planning for retirement.

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