The Social Security Fairness Act would increase payouts of Social Security benefits to roughly 2.8 million people by eliminating certain existing limits.

Donald Trump hopes to accomplish a lot in his second term. He intends to implement "the largest mass deportation program in history." He wants to end birthright citizenship. Trump seeks further tax cuts. He supports cutting regulations. The president-elect plans to impose steep tariffs on all imports to the U.S.

A new law set to take effect in 2025 will raise the minimum age requirement needed to receive social security benefits. Although the age requirement has been 65 until now, Congress is now preparing to implement the more complex law that first passed in 1983.

Among the changes Social Security recipients will see in 2025 is a higher full retirement age. The number marks the age at which workers become eligible to claim 100 percent of their retirement benefit based on lifetime earnings.

Social Security benefits will increase by 2.5% beginning in 2025. The wage base limit will increase to $176,100 in 2025. Only income up to that wage base limit is subject to Social Security tax. One thing people quickly notice about Social Security is that change is virtually inevitable.

The Cost of Living Adjustment (COLA) is a crucial mechanism that helps Social Security beneficiaries in the United States maintain their purchasing power amidst inflation. As we look towards 2025, understanding how COLA affects retirees' checks is essential for financial planning and stability.