Major Social Security Changes and New Retirement Age Set for 2025
TL;DR Summary
Starting January 1, 2025, the full retirement age for Social Security benefits will increase to 66 years and 10 months for those born in 1959, with the age rising to 67 for those born in 1960 or later. This change means individuals will have to wait longer to claim full benefits without penalty. The Social Security Administration also announced a 2.5% cost-of-living adjustment for 2025, affecting both benefits and the earnings required for Social Security credits.
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