Social Security Benefits Might Be Harder To Qualify for in the Future: Here’s What You Need To Know

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If youre a full-time worker, you dont need to be concerned about these changes.

The Social Security cost-of-living adjustment will be slightly different, too.

The COLA increase was 8.7% in 2023 due to inflation being at a 40-year high.

The next year, it was a smaller 3.2%, and 2025s 2.5% adjustmentcontinues that decreasing trend.

This is because each years COLA increase is set by a formula used by the Social Security Administration.

This is especially true if your income varies from month to month, or if youre working only part-time.

Youll also want to carefully consider your timing for claiming your Social Security benefits.

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