Full Retirement Age (FRA): In 2025, the FRA for Social Security benefits will be 67 for those born in 1960 or later, affecting when you can claim full benefits.
Taxes on Benefits: If you earn income while receiving Social Security, your benefits may be taxed, especially if you earn above a certain threshold.
Delaying Benefits for Higher Payouts: Delaying Social Security benefits until age 70 can increase your monthly payment by up to 8% per year.
Social Security Earnings Limit: If you claim benefits before reaching FRA and continue to work, your benefits may be temporarily reduced if your earnings exceed a set limit.
Cost-of-Living Adjustments (COLA): Social Security benefits will be adjusted for inflation, though the increase may not fully keep up with rising living costs.
Spousal Benefits: Spouses can claim benefits based on their partner’s work record, but they must be aware of the rules to maximize their payout.
Medicare Enrollment: Social Security beneficiaries are automatically enrolled in Medicare at age 65, but you must understand enrollment deadlines to avoid penalties.
Impact of Divorces: Divorced individuals may be eligible for Social Security benefits based on their ex-spouse’s record, under certain conditions.