5 Major Social Security Updates for 2025 - What You Need to Know

This video discusses the five big changes to Social Security for 2025. These include the Cost of Living Adjustment, Wage Cap, Bend Points, Earnings Limits, Work Credits and the Social Security Trust.

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

[CliveBirse]

I’ve been working and paying into Social Security for over 40 years, and there’s no way I’m waiting any longer to take it. I’m grabbing it early—might as well take the sure thing. At this point, I’m all about investing in myself and putting money into the market. Over the years, I’ve learned that building real wealth comes from making smart investments.

[justjack]

I’m on Social Security and Medicare. The thing that happens is yes we got a three point whatever percent increase last year but my Medicare part B payment also went up by $60 a month more than my cola so I actually took a $60 a month cut

[TinaMyles]

I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.

[joesmith]

How come we always get shorted?? Food is way up, but cola isn't!
Utilities are way up, but cola is Not!
Taxes and home repairs are up, but cola isn't!
AND WE HAVE NEVER GOT A RAISE- ONLY AN ADJUSTMENT!

[chumbawumba]

Very lame that FICA wage cap goes up *EVERY YEAR* but the threshold to pay FIT on SS has *NEVER* been raised :(

[captfred]

Thank you for this video. I’m 78 and this is the first time for a timely and concise explanation. One concern we had is my wife a stay at mom since my daughter was completely disabled and my wife couldn’t go back to work. Such is life. 🎉

[rebeccapatterson]

Most people do not have a second income to supplement their Social Security, so right off the bat that is an untrue statement

[SonnyPruitt-qs]

My home insurance went up 25%, my car insurance went up 15%, my utilities..gas went up 8% and electric 12% my food is still 20-30% more today than a few years ago but thank god I get 2.5% to offset cost of living?

[judysbakeryandtestkitchen]

I’m very glad there are people like you in the world. Because my mind checked out when you started with the numbers.

[paulnguyen]

Everything goes up but the social security money . Obviously ppl gonna struggle paying for basic needs and rent

[mspock]

Insurance in all categories is through the roof in the past few years.

[michaelfortney]

Thank you for all your great content. Always helpful.

[bryanwhitton]

I turn 70 in December so I am interested in anything that affects Social Security.. I have a phone appointment this afternoon to get my SS started so I get the maximum monthly paycheck as soon as I can. I don't want any mistakes by starting 1 month early and losing out on the maximum. Surprisingly this is very exciting for me.

I was retired by my company when they moved to Florida from Silicon Valley and I declined to move. That was 2 1/2 years ago. My wife and I decided to reduce or living expenses and live on her income and savings until I turned 70. So far we haven't touched my retirement savings and I am kind of excited to start having an income again.

[spookietowne]

Can you answer this? And this has to do with calculating the SS benefit delaying from FRA until
-At FRA we gain 8% per calendar year by delaying. So that's .667% per month added to the benefit.
- is the benefit calculated by adding .667% each month to the amount at FRA until 70, sort of like compounding interest each month?
- or is the benefit figured by adding 8% directly to the amount at FRA for each full year of the delay?
Because there is a difference in those methods of calculation for the benefit amount.
For simplicity and clarification I'll use this as the example:
- at FRA the amount is $1, 000 per month
- the delay past FRA is 12 months
- is the calculation $1, 000 (amount at FRA) + 8% (1 year delay) = $1, 080
- or is the calculation $1, 000 (amount at FRA) + .667% (1 month past FRA) = $1, 006.67
- then $1, 006.67 + .667% (2nd month past FRA) = $1, 013.38
- and continuing this a total of 12 times to end up with a benefit of $1, 083.04 (1 year delay)
- so this is the question, which way of calculation is correct?
Thank you!

[jaydurych]

Thanks for the info Mr. Schmidt! You’re the man!

[JohnnyCruiser]

From 2021 till now what is the actual cumulative inflation rate?
Seniors have been ripped off on the COLAs and not kept up on fixed income

[doskraut]

We retired folks know we might have to return to work or become homeless.

[peggyh]

Thank you. I would love to see vid on how to index my own income. I filed at 63, went back to work at 66 and am replacing some of my top 35 yrs. SSA figures out the following year’s benefit from the previous year’s income every September, but i would like to figure it out earlier myself.

I think there are quite a few ppl in the same situation, working later and i looked everywhere for how to do it.

[donkarnes]

Great info, looks like most of the raise will be taken up by the Medicare premium increase for some people?

[percynelson]

CPI doesn’t include replacing with a different item. That is CPE, the Federal Reserve’s preferred inflation measure.