What will happen to Social Security in 2023?

In 2023, Social Security provided beneficiaries with their largest cost-of-living adjustment (COLA) in decades, an 8.7% increase due to high inflation, raising average benefits significantly. Other changes included higher earnings thresholds for disability (SGA), changes to Supplemental Security Income (SSI) for low-income individuals, and adjustments to Medicare premiums, all reflecting economic shifts and legislative updates from the Social Security Administration (SSA).

What are the big changes coming to Social Security?

Nearly 71 million Social Security beneficiaries will see a 2.8 percent COLA beginning in January 2026. Increased payments to nearly 7.5 million people receiving SSI will begin on December 31, 2025. (Note: Some people receive both Social Security benefits and SSI).

What changes are coming to Social Security in 2026?

Here's what is new for 2026, according to the SSA: The earnings limit for workers who are younger than full retirement age (67 years old) will increase to $24,480. (There will be a $1 deduction for each $2 earned over $24,480.) The maximum amount of earnings subject to the Social Security tax will increase to $184,500.

What will replace Social Security benefits?

In the proposals presented to the Commission, the use of retirement bonds--and annuities based on bond accumulations- would also replace the entire benefit structure of Social Security for the future.

Will senior citizens get a raise in 2025?

The dollar amount increase to checks will vary depending on a person's benefit amount, but the average Social Security Retirement benefit, $2,008.31 in July 2025, will grow by about $56.

📢 2023: 7 Social Security CHANGES Affecting YOU & MEDICARE! 🤯

Who qualifies for an extra $144 added to their Social Security?

You qualify for an extra ~$144 on your Social Security check if you have a Medicare Advantage (Part C) plan with a "Part B Giveback" benefit, which refunds some or all of your Medicare Part B premium, appearing as extra cash in your check, but eligibility depends on living in the plan's service area and paying your own Part B premiums. The "144" figure was common when the Part B premium was around that amount, but the actual refund varies by plan and location, potentially exceeding the full premium. 

How much is cola for 2026 Social Security increase?

The official Social Security Cost-of-Living Adjustment (COLA) for 2026 is 2.8%, announced by the Social Security Administration (SSA) in October 2025, leading to an average increase of about $56 per month for retirees starting January 2026, affecting 75 million beneficiaries**. This rate, based on the Consumer Price Index for Urban Wage Earners (CPI-W) from Q3 2024 to Q3 2025, provides a boost from the prior year but is lower than the pandemic-era highs, with some recipients still feeling the pinch from rising costs. 

How to get $3000 a month in Social Security?

To get $3,000 a month from Social Security, you generally need a high lifetime income, averaging around $9,000+ monthly over your best 35 years, and ideally wait until at least your full retirement age (FRA), or even age 70, for maximum benefits, as claiming early reduces payments significantly; increasing high-earning years by working longer or in higher-paying jobs are the main strategies to reach this goal. 

What rules are changing for Social Security in 2025?

Starting February 25, 2025: SSA began adjusting monthly benefit payments to people whose benefits have been affected by the WEP and GPO. If a beneficiary is due additional benefits as a result of the Act, they will receive a one-time payment, deposited into the bank account SSA has on file.

Why are Americans getting a $4800 Social Security check today?

Americans are set to receive a Social Security check worth up to $4,800 today, but not all seniors are happy about the increase in monthly payments. Social Security benefits grew by 3.2 percent this year, in accordance with this year's calculated cost of living adjustment (COLA).

What is the highest Social Security check anyone can get?

The maximum Social Security benefit varies by retirement age, with the highest possible monthly amount in 2026 being around $5,181 if you wait until age 70, while claiming at Full Retirement Age (FRA) yields about $4,152, and claiming at age 62 results in approximately $2,969. To get the maximum, you must have earned the taxable maximum for at least 35 years, had significant earnings above the annual wage base ($184,500 in 2026), and delayed claiming benefits past your FRA. 

How many people have $500,000 in their retirement account?

While exact numbers vary by source and year, recent data suggests around 7-9% of American households have $500,000 or more in retirement savings, though many more have significant savings in the $100k-$500k range, with a large portion of the population having much less, highlighting a big gap between the average (which is higher due to wealthy individuals) and the median (typical) saver. 

How much will Medicare Part B cost in 2026?

In 2026, the standard Medicare Part B monthly premium is $202.90, an increase from 2025, with higher amounts for high-income earners and a $283 annual deductible before coverage starts. Most people pay the standard amount, but higher earners pay more based on their income, while some Medicare Advantage plans may offer a "Part B Rebate" to lower costs. 

What is one of the biggest mistakes people make regarding Social Security?

Claiming Benefits Too Early

One of the biggest mistakes people make is claiming Social Security benefits as soon as they're eligible, which is at age 62. While getting money sooner can be tempting, claiming early has a significant downside: your monthly benefit will be reduced.

What is happening on March 31, 2025 with Social Security?

At the conclusion of the transition period, on March 31, 2025, SSA will enforce online digital identity proofing and in-person identity proofing. SSA will permit individuals who do not or cannot use the agency's online “my Social Security” services to start their claim for benefits on the telephone.

What does Suze Orman say about when to take Social Security?

Suze Orman strongly advises waiting as long as possible to claim Social Security, ideally until age 70, to maximize your monthly benefit, explaining that delaying provides a significant guaranteed annual increase (around 8%) and offers crucial inflation protection for a longer retirement. While some suggest claiming at 62 and investing the money, Orman counters that most people don't invest it and end up with less income long-term, emphasizing that a higher monthly check with cost-of-living adjustments (COLAs) is a better, more secure financial tool, especially for the surviving spouse. 

Will seniors get a raise in 2025?

The 2.8 percent cost-of-living adjustment (COLA) will begin with benefits payable to nearly 71 million Social Security beneficiaries in January 2026. Increased payments to nearly 7.5 million SSI recipients will begin on December 31, 2025. (Note: Some people receive both Social Security and SSI benefits.)

What are the three ways you can lose your social security?

You can lose Social Security benefits by working while collecting early, leading to earnings limits; incarceration, which suspends payments; or through garnishment for federal debts like taxes, student loans, or child support, along with other factors like remarriage or changes in disability status. 

What is the $1000 a month rule for retirement?

The $1,000 a month retirement rule is a simple guideline stating you need about $240,000 saved for every $1,000 of monthly income you want from your investments in retirement, based on a 5% annual withdrawal rate ($240k x 0.05 / 12 = $1k/month). It's a motivational tool to estimate savings goals (e.g., $3,000/month needs $720k), but it's one-dimensional, doesn't account for inflation, taxes, or other income like Social Security, and assumes steady 5% returns, making a personalized plan essential. 

Are people on Social Security getting extra money in 2025?

Yes, Social Security recipients received a 2.5% Cost-of-Living Adjustment (COLA) for 2025, effective January 2025, increasing average benefits by about $48 monthly; this was announced in late 2024, with the next COLA for 2026 announced in October 2025. The 2025 increase followed a larger boost in 2024, reflecting lower inflation, and notifications for the 2025 raise were sent out in late 2024. 

What to do when Social Security is not enough to live on?

When Social Security isn't enough, supplement your income by exploring other government programs like SSI, SNAP, and Medicaid, working part-time, using retirement savings (401k, IRA), considering annuities for guaranteed income, delaying benefits to increase payments, and seeking help from non-profits like the National Council on Aging (NCOA) BenefitsCheckUp tool. 

How much Social Security will you get if you make $60,000 a year?

If you consistently earn around $60,000 annually over your career, you can expect a monthly Social Security benefit of roughly $2,100 to $2,300 at your full retirement age (FRA), but the exact amount varies by your birth year and claiming age; for instance, at FRA, it's around $2,311 based on 2025 bend points, while claiming at 62 yields less and claiming at 70 yields more, with an official estimate available on the Social Security Administration (SSA) website. 

Why will some Social Security recipients get two checks in December?

Some Social Security recipients, specifically those receiving Supplemental Security Income (SSI), got two checks in December 2025 because January 1st, New Year's Day, is a federal holiday, causing the January 2026 payment to be moved up to December 31st, resulting in December's payment (Dec 1st) and January's payment (Dec 31st) both landing in December. This is a standard Social Security Administration (SSA) practice for SSI payments, not a bonus, ensuring funds are available before holidays or weekends. 

Are Social Security checks worth a maximum of $5108?

Maximum benefits will rise by more than $1,700 a year

Alongside the COLA boost, the maximum benefit an individual can receive is also increasing. It will climb from $5,108 per month this year to $5,251 each month in 2026.

Is Social Security giving seniors extra money?

Yes, Social Security is giving seniors extra money through the annual Cost-of-Living Adjustment (COLA), with a 2.8% increase for 2026, starting with January 2026 payments, adding about $56 monthly to average retirement benefits to help keep up with rising prices. This adjustment applies to Social Security (OASDI) and Supplemental Security Income (SSI) for millions of Americans.