Big Changes Coming To Social Security In 2025 NJ Needs To Know About

With the new year approaching, some people are getting ready for big changes.

They may be resolutions; trying to eat better or reading more books, or it may be preparing for a new job or moving.

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For others, 2025 could mean some big changes if you collect social security or if you plan on starting to collect social security.

Big Changes Announced For Social Security Benefits Starting In 2025

The changes are two-fold, if you're already collecting you'll see some differences starting in 2025, and if you plan to start collecting in 2025 you may need to hold off.

According to Fox, the age you'll be able to start collecting full benefits from Social Security is going up in 2025, we'll get to that in a moment.

If you're already collecting though you'll see a few changes in 2025.

For example, you'll see a smaller cost of living adjustment in your payouts starting in 2025 at 2.5 percent which is down from from the current 3.4 percent.

There will also be an increase in the maximum taxable income earnings from $168,000 to $176,100, according to Fox.

Is The Retirement Age Increasing For 2025?

READ MORE: 2 NJ Towns Ranked The Best In The State For Retirees 

In short, yes.

But there's usually some sort of increase every couple of years to keep up with our longer life expectancies thanks to advancements in modern medical technology.

Fox reports that in 2025 the age for full Social Security benefits will jump up to 67 years old.

Now, you're able to collect benefits earlier if you wish but you'll be penalized depending on your age. You can also wait until you're 70 to start collecting benefits and for your waiting you'll receive some extra benefits for that.

That being said if you are retiring, retiring in New Jersey is a great place to retire too, but you'll want to make sure you've saved enough money!