Our October 2024 Newsletter: Three Changes Coming for Social Security in 2025

October 01, 2024

Three Changes Coming for Social Security in 2025

The end of the 2024 is quickly approaching, and with a new year we can typically find new updates regarding Social Security benefits. Final adjustments to 2025 Social Security changes will be announced this month, but it is predicted we can expect to see:

a lower cost of living adjustment benefit: the estimated annual adjustment will be less than 3%, the smallest increase since 2021
an older full retirement age
If you were born in 1958, your FRA is age 66 and 6 months and was reached in 2024
If you were born in 1959, your FRA is age 66 and 10 months and is reached in 2025
a wage cap increase for Social Security taxes: the cap is $168,600 in 2024 and is indexed to inflation, so you can anticipate it will go up next year

To learn more about the projected updates to Social Security for 2025,click hereto read “Three Changes Coming for Social Security in 2025.”

Here at SFS we are monitoring changes and updates for the upcoming year. In the meantime, we are always available for any questions at (518) 584-2555.

Maximize Your Social Security Benefit

Deciding when to take Social Security is a complicated piece of retirement planning. Some people opt to start benefits sooner and take smaller checks, while others try to hold out for the biggest check. The best recommended strategies to assist with receiving your highest possible Social Security benefit could include: working longer, earning more money, and waiting as long as possible to trigger.

A misconception when planning and budgeting for next year is leaning on the Social Security Cost of Living Adjustment (COLA). The COLA is calculated by averaging together the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for July, August and September and then comparing that figure with the same data as last year. On average, the annual COLA adjustment helps ensure that a retiree’s benefit amount has the same purchasing power year after year.

Without relying solely on COLA increases,click hereto read “7 Ways to Squeeze More Money Out of Social Security for Life.”

If you have any questions regarding your situation, please contact the office at (518) 584-2555.

Did You Know: Volunteering in Retirement

More than 6 out of 10 adults age 55 and older engage in some volunteer activity.

Volunteering is a great way to help fill your days while enjoying retirement. There are many benefits for both you and your community; you’ll feel fulfilled, get involved, and stay active all while helping an organization or individual in need. No volunteering duty is too small!

Here are a few creative ideas of how you can volunteer in retirement:

Mentoring youths in your area
Host an exchange student
Train a guide dog
Build houses with Habitat for Humanity

Check out this helpfulwebsiteto browse the volunteer opportunities available in the Saratoga Springs area.

Spooky Events in Saratoga Springs

Every October we can find our favorite local activities to get us in the spirit of the Fall season and Halloween!

Double M Haunted Hayrides is a well-known scary, yet local, attraction happening every weekend in October as well as the weekly Ghosts of Saratoga Trolley Tours every Thursdays at 7pm.

For an event not as frightening, check out the 3^rdAnnual Witch, Walk, and Dance event on October 19^th.

If you're interested in just enjoying autumn in Saratoga, check out the Saratoga Fall Festival on the 26^thof this month.

To view the entire monthly event calendar,click here!