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2025 is similar to other years as the COLA calculation has historically underestimated the actual inflation experienced by retirees.
Here are three changes to Social Security for 2025 andhow they may affect you.
The 2025 COLA Is Smaller
The 2025 COLA for Social Security beneficiaries will be smaller.
The full retirement age (FRA) will increase in 2025.
Anyone turning 66 in 2026 or later will have an FRA of 67.
This change is important for retirees to consider when deciding when to start claiming their benefits.
Claiming benefits even one month before your FRA results inearly filing penaltiesthat permanently reduce your monthly benefits.
Its crucial to understand how FRA is changing to make an informed decision about when to claim your benefits.
There is an annual cap on taxable earnings, which will increase in 2025.
Many side hustles offer flexibility and a chance to make some extra cash to supplement your retirement.
Adam Palascianocontributed to the reporting for this article.
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