Mon Dec 16 12:10:00 UTC 2024: ## Social Security Changes Coming in 2025: Higher Retirement Age and Lower COLA
**New York, NY** – Social Security recipients will face several key changes in 2025, the most significant being a further increase in the full retirement age. This age, at which individuals receive 100% of their retirement benefits, will continue its gradual upward trajectory, a result of legislation passed in 1983 to reflect increasing lifespans.
Individuals born in 1958 will reach their full retirement age (66 years and 8 months) in 2025, while those born in 1960 and later will see the age jump to 67. This means that the full retirement age will increase again for the upcoming year.
In addition to the higher full retirement age, recipients will see a smaller cost-of-living adjustment (COLA) of 2.5% in 2025, down from 3.4% in the previous year. The maximum taxable earnings will also rise, increasing from $168,000 to $176,100. Finally, the Social Security Administration will transition to appointment-based services at its offices nationwide.
While individuals can begin receiving benefits as early as age 62, it’s important to note that benefits are reduced if claimed before the full retirement age. Conversely, delaying benefits until age 70 results in a higher monthly payment.
First Piper 