5 Major Social Security Updates for 2025

5 Major Social Security Updates for 2025 - What You Need to Know

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Күн бұрын

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@CliveBirse Ай бұрын

I’ve been working and paying into Social Security for over 40 years, and there’s no way I’m waiting any longer to take it. I’m grabbing it early-might as well take the sure thing. At this point, I’m all about investing in myself and putting money into the market. Over the years, I’ve learned that building real wealth comes from making smart investments.

@ThomasChai05 Ай бұрын

Building wealth comes from making smart investments, and having a guide is essential. Though finding someone knowledgeable can be challenging, it's a wise decision if you're not familiar with the market.

@mikegarvey17 Ай бұрын

You're absolutely right. I tried investing on my own for a while, but the market just wasn't working in my favor. Eventually, I hired an advisor, even though I was hesitant at first. To my surprise, I ended up beating the market by more than 25%. At first, I thought it was just luck, but it happened again the following year. Since then, I've stuck with having an analyst handle my investments.

@mariaguerrero08 Ай бұрын

@@mikegarvey17That's quite impressive! Can you share more information about your financial advisor?

@mikegarvey17 Ай бұрын

Her name is ' Izella Annette Anderson ' Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

@Grace.milburn Ай бұрын

I just checked her out on google and I have sent her an email. I hope she gets back to me soon.

@justjack9561 Ай бұрын

I’m on Social Security and Medicare. The thing that happens is yes we got a three point whatever percent increase last year but my Medicare part B payment also went up by $60 a month more than my cola so I actually took a $60 a month cut

@lv4077 Ай бұрын

Yet another government perk

@SneikotheDiva Ай бұрын

Apply for your state to cover your part D if you can

@josephthomas2226 Ай бұрын

that is because the COLA is for overall inflation, and medical expenses as calculated by CMS went up more than that.

@joesmith7427 12 күн бұрын

How come we always get shorted?? Food is way up, but cola isn't! Utilities are way up, but cola is Not! Taxes and home repairs are up, but cola isn't! AND WE HAVE NEVER GOT A RAISE- ONLY AN ADJUSTMENT!

@TinaMyles 22 күн бұрын

I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.

@KentBrono 22 күн бұрын

That's true. I've been assisted by a financial advisor for almost a year now. I started with less than $200K, and I'm just $19,000 short of half a million in profit.

@YadaniL-g8k 22 күн бұрын

That's quite impressive! Can you share more information about your financial advisor?

@KentBrono 22 күн бұрын

Julianne Iwersen Niemann is the coach that guides, you probably might've come across her before I found her through a Newsweek report, she's quite known in her field, look-her up.

@YadaniL-g8k 22 күн бұрын

I’ve just looked up her full name on my browser and found her webpage, very much appreciate this

@captfred65 Ай бұрын

Thank you for this video. I’m 78 and this is the first time for a timely and concise explanation. One concern we had is my wife a stay at mom since my daughter was completely disabled and my wife couldn’t go back to work. Such is life. 🎉

@rebeccapatterson8142 Ай бұрын

Most people do not have a second income to supplement their Social Security, so right off the bat that is an untrue statement

@michaelfortney7510 Ай бұрын

Thank you for all your great content. Always helpful.

@HolySchmidt Ай бұрын

My pleasure!

@lilblackduc7312 Ай бұрын

@@HolySchmidt Your narration has a comfortable, even tempo, accompanied with easy to read & understand graphics. (I'm working with a 'barely' High School education, here ;-) "Holy Schmidt" is right!

@seymorefact4333 Ай бұрын

🤬🤬 Our own govt fudges the CPI since 1970! did this to screw SS! and workers. ShadowStats by John Williams uses same measurements of 1970s. REAL CPI is 12%! median over 50yrs is 9%! Talk to your corrupt representative to STOP FUNDING ENDLESS WARS!~

@mspock7 Ай бұрын

Insurance in all categories is through the roof in the past few years.

@HolySchmidt Ай бұрын

Totally agree

@Pjfriend Ай бұрын

FJB and the DEMOCRATS

@judysbakeryandtestkitchen1654 Ай бұрын

I’m very glad there are people like you in the world. Because my mind checked out when you started with the numbers.

@paulnguyen2227 Ай бұрын

Everything goes up but the social security money . Obviously ppl gonna struggle paying for basic needs and rent

@SonnyPruitt-q1s Ай бұрын

My home insurance went up 25%,my car insurance went up 15%,my utilities..gas went up 8% and electric 12% my food is still 20-30% more today than a few years ago but thank god I get 2.5% to offset cost of living?

@johnsmith-ee6tr Ай бұрын

Sarcasm is my friend too. Part d going up as well

@robinburrell4421 Ай бұрын

Cola was 8.7 in 2023, and 5.9 in 2022. That along with this year is about 17 percent for last 3 yrs. Hope this helps your sarcasm level.

@lv4077 Ай бұрын

@@SonnyPruitt-q1s Biden and Harris would limo say you’re welcome

@suewolf3279 Ай бұрын

2.5% does not reflect at all the additional cost that we are paying for food, insurance, services such as HVAC check up, clothes Etc

@tonistevens2253 Ай бұрын

Please vote. Think about what candidates/political parties stand for and don’t pay attention to personalities.

@doskraut Ай бұрын

We retired folks know we might have to return to work or become homeless.

@chumbawumba1959 Ай бұрын

Very lame that FICA wage cap goes up *EVERY YEAR* but the threshold to pay FIT on SS has *NEVER* been raised :(

@bryanwhitton1784 Ай бұрын

I turn 70 in December so I am interested in anything that affects Social Security.. I have a phone appointment this afternoon to get my SS started so I get the maximum monthly paycheck as soon as I can. I don't want any mistakes by starting 1 month early and losing out on the maximum. Surprisingly this is very exciting for me. I was retired by my company when they moved to Florida from Silicon Valley and I declined to move. That was 2 1/2 years ago. My wife and I decided to reduce or living expenses and live on her income and savings until I turned 70. So far we haven't touched my retirement savings and I am kind of excited to start having an income again.

@lilblackduc7312 Ай бұрын

Beautiful! Make sure to guard your health and "Keep the Faith".

@bryanwhitton1784 Ай бұрын

@@lilblackduc7312 Thank you. Boy, that is quite a concept. These channels are real good at the financials but people often forget about their health. Since I "retired" I have had both knees replaced, skin cancer surgery and back surgery. All in about 2 1/2 years. With all this the biggest problem in mental. I knew my right knee was going to be a problem from a football injury decades ago. So I have swam and lifted and rode bicycles for years. All the rest has caught me by surprise. The physical part has been painful and hard work getting back physically but the toll mentally caught me by surprise. Guarding your health is something I can't stress enough.

@seymorefact4333 Ай бұрын

@DougASAP Ай бұрын

If claiming online, consider putting something similar to this in the Remarks (at the end of the application): I do not want any retroactive payments for prior months. I want the maximum Delayed Retirement Credits, and no payment prior to January 2025... Congratulations!

@sct4040 Ай бұрын

I too considered mySS payment like a salary. Very excited to collect at 63😅. Congratulations.

@jaydurych Ай бұрын

Thanks for the info Mr. Schmidt! You’re the man!

@HolySchmidt Ай бұрын

You bet!

@seymorefact4333 Ай бұрын

@spookietowne7932 Ай бұрын

Can you answer this? And this has to do with calculating the SS benefit delaying from FRA until 70....... -At FRA we gain 8% per calendar year by delaying. So that's .667% per month added to the benefit. - is the benefit calculated by adding .667% each month to the amount at FRA until 70, sort of like compounding interest each month? - or is the benefit figured by adding 8% directly to the amount at FRA for each full year of the delay? Because there is a difference in those methods of calculation for the benefit amount. For simplicity and clarification I'll use this as the example: - at FRA the amount is $1,000 per month - the delay past FRA is 12 months - is the calculation $1,000 (amount at FRA) + 8% (1 year delay) = $1,080 - or is the calculation $1,000 (amount at FRA) + .667% (1 month past FRA) = $1,006.67 - then $1,006.67 + .667% (2nd month past FRA) = $1,013.38 - and continuing this a total of 12 times to end up with a benefit of $1,083.04 (1 year delay) - so this is the question, which way of calculation is correct? Thank you!

@GillerHeston Ай бұрын

The thought of retirement makes me cry. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings to fall back on.

@joshbarney114 Ай бұрын

True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.

@rogerwheelers4322 Ай бұрын

I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.

@FabioOdelega876 Ай бұрын

This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?

@rogerwheelers4322 Ай бұрын

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky’’ for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

@FabioOdelega876 Ай бұрын

Thank you for this tip , I must say Marisa, appears to be quite knowledgeable. After coming across her webpage, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.

@scoutandscooter Ай бұрын

My advise to younger people is to save and save and never expect SS. If you end up collecting, consider it fun money.

@NormanSmith-m8f Ай бұрын

I was told this same thing when I was 27 years old and started my first job after getting out of the military. I’m now 75 and have been drawing SS since I turned 69.

@youngtimer964 Ай бұрын

I remember the older guys at work saying the same thing to me in 1973.

@Bonkers62 Ай бұрын

Maybe your advice should be to tell people to learn how to spell “advice” before you give advice…

@seymorefact4333 Ай бұрын

@peardisplay Ай бұрын

Eletis. I cant spell either. But the fear advisekept me savin for 40 years and im better off for it. 😢@@Bonkers62

@DAN1180 Ай бұрын

Excellent illustration. Thank you!!

@owggarage723 Ай бұрын

The bend point is where they break it off..in you.

@peggyh1395 Ай бұрын

Thank you. I would love to see vid on how to index my own income. I filed at 63, went back to work at 66 and am replacing some of my top 35 yrs. SSA figures out the following year’s benefit from the previous year’s income every September, but i would like to figure it out earlier myself. I think there are quite a few ppl in the same situation, working later and i looked everywhere for how to do it.

@tedjohnson4451 Ай бұрын

There is a Google Docs Spreadsheet by Neurosphere that updates every November that calculates that to $1 Accuracy.

@donkarnes5946 Ай бұрын

Great info, looks like most of the raise will be taken up by the Medicare premium increase for some people?

@jimmyamico4713 Ай бұрын

Outstanding analysis GEOFF🇺🇸❤️🤍💙

@amyyates8273 Ай бұрын

This was so helpful, thank you!

@arthurshingler2025 Ай бұрын

Great summary! Thanks!

@info3496 Ай бұрын

Thanks for the update 👍

@Lion_McLionhead Ай бұрын

Seeing how fast they jacked up the wage cap from $50k in 2000 to $180k today, most everyone was above the wage cap & lived like a king in 2000. The wage cap used to be less than the roth IRA wage cap. Now most everyone is earning below the wage cap & complaining about it not being high enough. The doctrine has changed from taxing us less to taxing someone else more.

@ly776 Ай бұрын

Very useful information. I cannot understand why the wage cap is still set so low. It is such a regressive tax being capped at the current level. As someone who earned above the wage cap at the end of my career, I thought it strange that when I could more easily afford to pay taxes, compared to when I was living below the poverty line, that I was actually paying a smaller percentage of my income in SS tax. It's my understanding - and hopefully you will address it - that raising the wage cap alone would make Social Security solvent for the foreseeable future.

@SandfordSmythe Ай бұрын

The cap is low because the rich don't need the extra benefits.

@theroadhome_Liz_Summers Ай бұрын

Thank you for the information and especially the "Bend Points". I started my SS at FRA but worked 2.5 more years (self employed and paying all SS myself). I have read that SS is supposed to adjust based on my payments in/income ... I hope that is correct :) !! At any rate, I feel like I can be prepared for a discussion understanding the bend points and how to do the calc.

@johnc2438 Ай бұрын

Yes, you're correct. The SSA sent me annual statements that showed my FRA being increased as I continued working pass my FRA. If they don't still send out written statements, you can log into the SSA and track things online. Best wishes.

@theroadhome_Liz_Summers Ай бұрын

@@johnc2438 Thank you! I just received my online statement for 2024 and it states that benefits are not shown because I have been receiving .... later it states if you keep working ... and those earnings increase benefits, notice of additional amounts will be sent ... I am guessing with the COLA/Medicare etc. info that is sent in December.

@1JohnnyCruiser Ай бұрын

From 2021 till now what is the actual cumulative inflation rate? Seniors have been ripped off on the COLAs and not kept up on fixed income

@percynelson7726 Ай бұрын

CPI doesn’t include replacing with a different item. That is CPE, the Federal Reserve’s preferred inflation measure.

@vinyl1Earthlink Ай бұрын

Many people want to know the IRMAA brackets for 2025. These will not come out until November, when you will learn whether your SS check will go down or not.

@kathiparshall8094 Ай бұрын

Very helpful. I had no idea about the property tax thing, I will be checking into that. Thanks

@kathiparshall8094 Ай бұрын

@@drc3po must have been the video before. I watched four this evening.

@cjimcook Ай бұрын

I find it interesting, if not infuriating, that the waging cap goes up at a faster percentage rate than the CoLA percentage increase.

@DrSchor Ай бұрын

It is not pegged to inflation. It is pegged to make sure there will be enough ss for you to receive. Why be mad about that?

@TPaine1776 Ай бұрын

Lovely, you work your tail off they take a bunch of your money. When you reitre they get stingy and send you chump money. I know a woman who is almost 80 with full retirement age, etc. She is working at Taco Bell just to knid of make ends meet. This is beyond sad. P.S. they do count the money made in the year before you filed. They took $180 out of one of my wife's payments for just that reason. Stated it in the letter as well.

@WandaGlodowski 8 күн бұрын

Excellent

@MelissaCoup Ай бұрын

Excellent as always. Blessings to you

@HolySchmidt Ай бұрын

Thanks Melissa

@usethatherb4913 12 күн бұрын

TY for the simple explanations. What about unearned income like capital gains? Any effect on SS payments?

@ProctorsGamble 17 күн бұрын

“It’s very likely that the next president will make the decision about SS…” We’re screwed! 😳 They told us what they would do to SS.

@charlesmblakley3445 29 күн бұрын

A LOT OF PEOPLE DON'T GET ANOTHER IN COME BUT SSI, WE NEED A LARGE INCREASE IN OUR CHECK'S, POOR PEOPLE CAN'T GET AHEAD

@gjeischensfamily1172 Ай бұрын

A comment on the 40 quarters of work credit - the yearly statement that you get from the SSA is not "official" until you file for Social Security. My father looked at his SSA statement before he retired (before age 62) and it said he had the 40 quarters of credit. When he went to file for social security later, he was told that he didn't have 40 quarters and would have to prove to the SSA that what earnings they had originally credited to his account, were actually his and not someone else's. He hadn't kept his W-2s from when he first started working and paying into social security back in the 1940s, so he ended up 4 quarters short. He was able to go back to work and get those 4 quarters so he qualified in the end. The lesson learned for me was, don't trust the SSA yearly statement as official.

@jeanniebee61 Ай бұрын

Agreed!!! I would get yearly estimations that at retirement I would get $1500 a month SS. It took years AFTER retirement before those COLA increases would give me an SS payment of $1500 per month--soo misleading and disheartening. At 79, I still have to have a job to get all the modest bills paid.

@paintediva Ай бұрын

How is a 2.5% cola going to offset our 50%+ increase in food, rent, utilities, gas, insurance, medical expenses??

@muminab9701 Ай бұрын

Can you do a video on how a wife can draw off her husband’s social security please

@wongmm Ай бұрын

He did a couple years back. Search his video list.

@janetmartin9372 Ай бұрын

She can draw spousal when you start drawing. Spousal maxes out at 50 percent of yours at her full retirement age.

@seymorefact4333 Ай бұрын

@openforumone Ай бұрын

You would received a survivor benefit which is usually a little higher than normal Make an appointment at your social security office locally they're pretty helpful

@MarkWashington-yi5hu 4 күн бұрын

All❤👍👍👍👍

@watcher9997 Ай бұрын

@Holy Schmidt! I checked my SS statement and the COLA was only applied to the age 62 benefits. Shouldn't it apply to all age estimates? Age 63 to 70 have not changed.

@esthernoel3793 Ай бұрын

I like the typing!

@HolySchmidt Ай бұрын

Thanks Esther!

@jamesgreen1857 Ай бұрын

They lowered the indexing multipliers since I last checked in January. How can that be, inflation is not negative ?

@blipco5 Ай бұрын

Remove the cap! 👍

@51dbail Ай бұрын

I do believe bends points start at 62 not your FRA. Would be great if he is right! bend points are more than COLA. But i don't think so

@colinmoore68 10 күн бұрын

Thanks for putting out this information in such a professional manner. Can you please confirm if I am correct? My FRA is in March 2026. If I was to start drawing SS in January 2025, then any income over the allowed limit for 2025 would only come to notice when I file my return sometime in 2026? The higher earnings threshold is only in the same year of reaching FRA regardless of the month. I am only considering this because I would like to pay off dept, including taxes owed. It would also double my wife's benefit as she should be entitled to 50% when I start to draw my benefit. I also believe that the potential 50% penalty withheld, would go back into the equation at FRA. I hope that social security benefits will stop being taxed!!!

@stone14z Ай бұрын

Do the changes in the bend points affect everybody including those past their FRA?

@NatesRandomVideo Ай бұрын

The good old “C P Lie”. lol 😂

@KG-xf9ew Ай бұрын

You have GOT to summarize the points in your videos somewhere.

@HolySchmidt Ай бұрын

Do you mean put out a separate video for each of the five? (this is a summary :) ).

@KG-xf9ew Ай бұрын

@@HolySchmidt No, either use the labeled video segments or a listing of what is discussed and where in the video. I know it's because it's more valuable to have people "engage" the entire video.....but what it leads to is people skipping through to find what they want. Even 12 minutes. Otherwise you have fantastic content. Very informative, but you have a slow delivery. Just an opinion. THank you.

@HolySchmidt Ай бұрын

You can adjust the playback speed with the gear icon for the videos you think are too slow (or too fast) :).

@jerrychurchill8765 Ай бұрын

When I was self employed living in THailand. I was paying 15% of income. I believe this was SSA, however several of those years show zero on my SSA account read out. Guess I must contact my local SSA odffice to determine what happened. I think IRS did not notify SSA.

@Agatha.wayne0 Ай бұрын

Wow, filing for Social Security at 62? Bold move! But hey, I’ve got $125k just chillin' in my emergency fund, itching to start making me some money. Honestly, I'm torn between playing it safe or just diving in. Who knew deciding when to start would be the easy part, right? Time to make that cash work for me, not the other way around!

@RicardaWindsheimer Ай бұрын

I agree that there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience…

@Lubumbemusongo Ай бұрын

Building wealth involves developing good habits like regular investments and solid financial management. Don't shy away from this crucial topic -it's essential for securing your future. I wish everyone reading this success and prosperity in their lives.

@joyfulmindstudio Ай бұрын

Approximately 40 percent of Social Security recipients rely solely on that monthly check to make ends meet, according to a 2020 report by the National Institute of Retirement Security. I think that data calls into question your comments about the impact of COLA adjustments on SSA recipients overall. For the largest single segment of seniors, there is no pension, savings, or inheritance.

@gusnelson-b7u 15 күн бұрын

Can push forward the idea of creating a lottery whose benefits go to the Social Security fund? They do it for the children, how about us old folks?!!

@marys.750 Ай бұрын

Any changes with IRMAA?

@karenbuckley974 Ай бұрын

You should show what is is for those of us that fall under the Windfall act.

@glendacastillo6504 Ай бұрын

Can you do SS for retired military after working 20 years full time.

@edmor1086 Ай бұрын

Is there any way to fight this cola adjustment ridiculousness

@Steve-gx9ot Ай бұрын

This is why PURCHASING POWER IS WAAAAAY WAY. DOWN EVERY year!!!!! I absolutely cannit afford anything tat I used to do when younger even though I made much less moneythen!! B s

@HolySchmidt Ай бұрын

feel your pain

@ra0363 Ай бұрын

Really appreciate the clarity! I'll reach FRA in Feb 2025 and am wondering if it amkes any diff if I file in Jan 2025...yes/no?

@normanengler8175 Ай бұрын

Is your retirment year January to December or 12 months after you file. My Birthday is in march, my FRA is at 66 and 10 months the following January. I am thinking of filiing for SS in the October before that. will I be in $62,160 amount and is that count all the money I make for that year (Jan. - DEC) or Oct through FRA?

@MariaPina2 17 күн бұрын

I am 64 years old been working since 1977 about 49 years on minimum wage I have no money in retirement and I am living from paycheck to paycheck to pay for high cost of living social security froze my checks claiming that I make too much money I only earn 36.000 a year and they were given me $1.100 per month in few months i will be homeless can't afford my medication anymore i have contribute to social security for 49 years and still taking from my pay every week i want all my money that i have contributed that is $97.000 in kne lump some we have people from other countries getting social security and never paid one cent into it

@yolandacastillo6312 Ай бұрын

I really appreciate your videos. They are my “go to” for accurate, easy to understand information. At full retirement age or 70, is there a maximum monthly amount of Social Security earnings and individual can be paid monthly?

@Cherisse-lj7zf Ай бұрын

It goes up a little each year, but for 2024 it is $4,873.00.

@HolySchmidt Ай бұрын

If you mean is there an ultimate SS Maximum payment. It’s pretty close to the one discussed in the video for a 67 year old and about 24% higher if starting at age 70

@657048bravo 10 күн бұрын

We get us seniors 2.5% but politicians get 15% is that normal?

@LilianScott-dy5nz Ай бұрын

The 2.5% COLA for 2025 provides a modest increase in benefits for Americans receiving Social Security and SSI payments, helping to offset the rising cost of living and inflation. This increase offers essential financial relief for vulnerable populations like retirees.

@MikeHollow-rz5dl Ай бұрын

Absolutely, retirees and low-income families will greatly benefit from this adjustment. Every little bit counts.

@MikeHollow-rz5dl Ай бұрын

Especially with inflation rates remaining high. This 2.5% increase helps maintain their purchasing power.

@DiegoVelasquez-r3x Ай бұрын

I'm glad to see the Social Security Administration prioritizing vulnerable populations. They need financial stability.

@RichardSmith-t2l Ай бұрын

This COLA increase also underscores the importance of automatic adjustments. No political debates, just timely support.

@Martin-cb7gk Ай бұрын

Now, let's focus on ensuring the long-term solvency of Social Security. We can't afford to jeopardize future benefits.

@Bandaid17 Ай бұрын

I am grateful for the “raise”, but can you clarify what the CPI bases their computations. It is rumored that they do not count gas or food. If so I fail to understand the meager “raise”.

@peardisplay Ай бұрын

On bend points. What is fair about only getting 32% credit for bustin my a**?😢

@joesmith7427 12 күн бұрын

I'm retired and getting SS. When I reach my FRA and I'm married to wife who once worked, will my check increase because of her higher SS than mine??

@jovi4 Ай бұрын

Is it true that in 2032 social security payments will be reduced by 25%? So if I’m currently receiving $2000/month, I’ll only receive $1500/month?

@Nebraskagal Ай бұрын

I got $44 for cost of living I spent 10 extra dollars for Medicare and I lost $50 in benefits I think I lost all the way around

@whyme7996 Ай бұрын

I was medically retired from the military and have social security disability. As I understand it, when I turn 62 it will automatically switch to Social security retirement. Is that correct and would it change the amount provided?

@spookietowne7932 Ай бұрын

Disability benefits will automatically switch to "regular" SS benefits at your FRA - not at age 62. Your benefit amount will not change.

@whyme7996 Ай бұрын

@@spookietowne7932 thank you.

@SandfordSmythe Ай бұрын

SSI switches at 62

@whyme7996 Ай бұрын

@@SandfordSmythe SSDI?

@christopherjpetrarca9267 28 күн бұрын

2.5% is not enough to buy anything !!!!!!! l lets reduce on the senators salary to a comon wage and see if they can survive L O L !!!!!!!

@mrbigcat9 Ай бұрын

Question If you wait until you are at the age of 70 does the amount that you would get at the age of 70 include all of the COLA adjustments from age 62 to age 70 that people were getting because they choose to collect social security between 62 and 70?

@DrSchor Ай бұрын

Question: Why do you label a statement with a question mark at the end as a question?

@joesmith7427 12 күн бұрын

Where is the RAISE?? NOT THE COLA??

@lucindaayala4111 Ай бұрын

Is cola increase enough to cover the rising cost they charge for Medicare?

@stingray2001 13 күн бұрын

My understanding is earning limit caps at 65. Not 66 or 67. Which is true?

@puggirl415 Ай бұрын

New subscriber question: I am 62 and have not applied for SS as I have a low average salary so wanted to wait it out until 67.5. However, in the meantime I am moving overseas to retire and need to understand the timing for applying to SS. Do you have any videos or can you recommend any videos that explains how and when to apply for SS while overseas? I mainly want to know if I can apply for SS while overseas? Do I need to apply in the USA before I leave?

@henriettalee3537 Ай бұрын

Now i see why so many elderly folk waiting in a food line.Shameful..

@SonnyPruitt-q1s Ай бұрын

Dont forget your Medicare is going up $10 a month..my Part D went from $6.80 to $38.60 a month..that 2.5% cola is so generous.. NOT!

@susanb.5806 Ай бұрын

Find a cheaper Part D plan. There are all sorts of them at zero cost.

@williamsrdan Ай бұрын

2.5% increase? Even the Dollar Tree went up 25% in cost. The cost of living is way higher than Disability provides, especially when we don't have one of those extra sources of income. I can't afford housing or a campground, because of the government mandated poverty that forces me to be homeless, living in an RV on the side of the road... And then local governments ban overnight parking. You are way too focused on the rich, and able-bodied. What about someone that became disabled before age 25? From a middle class family? You are out of touch with real lives. A few years ago, Bernie was talking about needing $2k/mo to survive, yet Disability provides less than $1300/mo, in California with it's bonus. The work requirements for someone getting Disability is cruelty. It was impossible for me to get the work credits because I was too disabled to qualify for disability.... that's cruelty. Medical Discrimination. You force people to be homeless. Its not a choice, there no option. And yes, I've looked at all the assistance programs in the area, none of the low-income housing are less than the entirety of Disability support. Campgrounds cost more than the entire month of Disability support. And its illegal to be homeless........ You've turned the Disabled into criminals simply for being Medically Disabled. This is an injustice!!

@tedjohnson4451 Ай бұрын

Newly Retired: Received my first CalPers Payment on October 1st. I'm not touching my Coordinated Social Security until August 2025 at the Earliest. My 403b will carry me at least that long, perhaps longer. Boarding the Plane for Cebu City later this month... Will see what that does to my Expenses... My Trial Budget shows a 25% reduction [after 90 Days] in Expenses, with a much higher Standard of Living.

@laural1165 Ай бұрын

What are your thoughts on the rumors that they are trying to get rid of SS? I’ve worked hard since I was 16 - now 70 and I receive the maximum payment. It’s scary to think I could loose that. Thank you.

@HolySchmidt Ай бұрын

Don’t think it has a snowballs chance of going away (for you anyway). I’d worry about under 40s

@pamelab7235 Ай бұрын

I read some time ago that present recipients didnt have to worry, it only would affect future recipients.

@aolvaar8792 Ай бұрын

@@HolySchmidt My wife and I are government pensioners, we get large pensions and Large SSA retirement benefits. I hear a lot of talk about Means Testing.

@ForestToFarm Ай бұрын

I have worked non stop from age 16 on. Had some decent years but not a high income. However my son and I have recently had some great success in our self employment. We have been making anywhere from 20 to 50 thousand per year. This year we are looking at a future of about $150,000 or so each per year. It could be more if we want to work longer hours. My current SS check would be around $1300. Not great at all. I am 62 and have not yet started drawing SS. I could continue working at this huge income increase and increase what I can draw if I put things off a few more years. Can anyone tell me if this sudden increase in income I have fallen into will make a significant increase in my SS check say 4 or 5 years down the road? Or would I be better off just drawing what I can now and then take the maximum income I can draw without affecting my SS payment/check. Thanks in advance for any advice. Terry

@scloftin8861 6 күн бұрын

Oh boy, as I took SS at 62, I will be getting a whole $23 more a month. Looks like I need a side gig. And I don't even get jeans at WalMart, I go to the second hand store connected to a local church project here in town. Yeah, no. Now, admittedly, choosing to take retirement when I did for a number of life issues, my fault. But really, you'd think after 10 years they'd let you bump up to the entire amount instead of staying at 70%. Not that it would be all that much more, but at least over a grand a month instead of what I'm permanently stuck with now.

@Nottherebutthere Ай бұрын

Cola is a joke. Inflation is still very high. I expect this will not even cover the increase in Medicare costs.

@helenguinooban Ай бұрын

At present the people hearing news for October.

@JimBarksdale-d1o Ай бұрын

Maybe enough for a loaf of bread!!!!! Sad…everything else has consumed our checks except raise!!!!

@mikeh2520 6 күн бұрын

lets say that I give back 28,000 a year because I earned over the limit. I understand that we are told that we will get that back at FRA with a higher benefit amount but how is that calculated? How can I figure out exactly how I would get it back.

@carolpadgett8618 Ай бұрын

Please correct your initial estimate $2000 × .025 cola increase = $2050. NOT $2500!!!! Thanks for your info.

@walkingdude8779 Ай бұрын

Wage cap should be tied to SS COLA. Wage cap has exploded. I know many would like the wage cap eliminated but SS is already a bad deal for those hitting the cap. That third (15%) bend point cheats high earners.

@schadlarry Ай бұрын

I made a spreadsheet to estimate my SS a few years ago. Do the index factors change each year? I went to the SS site and saw their index factors are now lower than the one I had used. Maybe I used the wrong factors when I created the spreadsheet. Update: I went to the SS site and I guess your individual factors will be for the year you turn 62, and then set in stone when that year arrives.

@jamesgreen1857 Ай бұрын

I just did the same today and printed out both so I know I used the same year and yes the multipliers were lowered since January when I checked it last I don't get how they can lower unless we had negative inflation which we haven't

@schadlarry Ай бұрын

@@jamesgreen1857 I probably set mine up 3 or 4 years ago. Then I looked at the 2024 factors and the numbers were lower but I think those are numbers for people who've reached retirement age this year (62). I'll hit 62 in 2026 and looked up those factors and they were indeed higher, albeit still an estimate but my calculated benefit is always higher than SS estimate.

@jamesgreen1857 Ай бұрын

@schadlarry both of the times I looked it up were for the yr I turn 62 and the numbers are lower from the first of the year. It had previously gone up from when I checked in 22 amd is still up from that time. I don't get how it would ever go down unless they changed the way they calculate it now, which could be the case