As Supplemental Security Income (SSI) is an important source of support for millions of people across the United States, it is important to know about any changes as soon as they are made public so that you can make plans. So, what changes need to be made for 2025?
First, some good news. It was announced by the Social Security Administration (SSA) that the Cost of Living Adjustment will be 2.5% for 2025. This means that the average retiree will get an extra $49 a month. People who are married will get an extra $75.
Couples who are married will get an average of $3089 a month, while single retirees will get an average of $1976 a month. You will have more money to deal with the tough economy.
There is some bad news, though. For people born in 1959, the Full Retirement Age (FRA) will rise to 66 years and 10 months. That means you will have to work two months longer before you can get all of your Social Security.
You can still retire, but some of that money will be lost. The amount of money you get from Social Security goes down faster if you retire early. The FRA is 67 years old for people born after 1960.
Last but not least, Social Security credits will change. To be eligible for Social Security in 2025, Americans will have to make more money. On top of that, the taxes on it will also go up.
The SSA says that you need to earn 40 work credits before you can get retirement benefits, and you can only earn four credits each year. That is ten years of work and about one credit every three months, as long as you meet certain financial requirements.
You have to make at least $1810 a month to meet those requirements, and you have to make over $7239 a month to get all four credits. But keep an eye on this because it goes up every year.
These credits can also affect your ability to get disability benefits, Medicare, and survivor benefits for your family. People in the US who make more than $176,100 will not have to pay the Social Security Tax.
How to apply for SSI?
The Social Security Administration (SSA) helps people who are blind, elderly, or disabled and do not have a lot of money or other resources by giving them money.
The SSA is in charge of the program, and it is paid for by regular federal taxes, not Social Security taxes.
You can fill out an application online at the SSA website or call 1-800-772-1213 to make an appointment.
You can also go to a Social Security office near you. You should be ready to show proof of your identity, income, assets, and any medical conditions you may have.
After that, the SSA will look over your application and get in touch with you by mail. You can call the SSA directly at the number given above or go to My Social Security to see if there are any changes.
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