Social security changes to arrive in the new year
Dec 9, 2024, 9:27 AM
FILE - A Social Security card is displayed on Oct. 12, 2021, in Tigard, Ore. (AP Photo/Jenny Kane, File)
Credit: ASSOCIATED PRESS
(AP Photo/Jenny Kane, File)
Those receiving social security benefits will see a small increase in their monthly checks next year. The Social Security Administration said there will be a 2.5% increase in recipient payments.
According to Deseret Mutual Benefit Administrators Certified Financial Planner Shane Stewart, the raise is modest, however, it is in line with inflation.
“It’ll be an increase but it won’t be as much as they’ve been accustomed to in the past couple of years,” said Stewart.
In comparison, the increase was nearly 9% in 2022.
Social security changes to allow higher earning
“You can make $23,400 and still take your social security. If you make more than that then you’re getting reductions in your social security,” said Stewart.
Social Security offices will also move back to in-person meetings. They recommend scheduling an appointment.
Finally, the full retirement age is increasing. Currently, it sits at 66 years and 8 months. In 2025, it will be 66 years and 10 months, marking a 2-month increase.
Michele Rowe is a traffic reporter for KSL NewsRadio.
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