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Here are some of the missteps youll want to avoid ifyoure claiming Social Security in 2025.
If you claim your benefits before FRA, they will be permanently reduced for the rest of your life.
This is two months later than in 2024, which is an important change.
This means youll forever be locking in alower monthly payout.
For 2024, when inflation was on its way down, the COLA dropped to 3.2%.
While still high based on recent history, the days of COLAs approaching double digits are clearly over.
However, the spousal benefit is limited to 50% of the amount the prime beneficiary is receiving.
If you file in 2025, its important to check which benefit gives you the biggest paycheck.
If you have an IRA, the limit for those 50 and older is $8,000.
These amounts alone wont fully fund a 30-year retirement, but theyre a big step in the right direction.
This doesnt have to be something burdensome.
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