Rising Full Retirement Age: The full retirement age for Social Security continues to increase. If you were born in 1960 or later, your full retirement age is now 67 years old. (ssa.gov)
Increased Social Security Benefits: Social Security recipients may see an increase in benefits due to the annual cost-of-living adjustment (COLA), which helps to keep pace with inflation. (ssa.gov)
Delayed Retirement Credits: For every year you delay claiming Social Security beyond your full retirement age (up to age 70), you earn delayed retirement credits, increasing your monthly benefit.
Changes to Taxation of Benefits: Depending on your income, a higher portion of your Social Security benefits may be subject to taxes. For high-income earners, taxes on Social Security benefits may increase.
Social Security Trust Fund Concerns: The Social Security trust fund is projected to be depleted by 2035, which could impact future payouts unless reforms are made. This may lead to lower benefits for future retirees. (crfb.org)
Introduction of "The SECURE Act 2.0": The 2025 retirement laws may include additional changes under the SECURE Act 2.0, aimed at boosting retirement savings. These include provisions for automatic enrollment in retirement plans.
Raising the Cap on Social Security Taxes: There may be increases in the income cap for Social Security taxes, meaning higher earners could pay more into the system, potentially impacting benefit calculations.