There are multiple changes to Social Security that retirees can expect over the next two years, and they include higher benefits and better customer service.
The Social Security Administration released its"Vision 2025" plan this year, highlighting its 80 years of history and laying out its projects for the next two years.Here are four Social Security changes that retirees can expect:The maximum benefits that retirees can receive at full retirement age change with inflation. The most recent increase occurred for 2023 when it rose from $3,345 in 2022 to $3,627 in 2023.
Not every beneficiary receives the maximum payment, which also depends on the length of time they pay into Social Security and the amount of money that is paid into the program during those years.A cost-of-living adjustment increases the monthly benefits that retirees receive each year based on the consumer price index for urban wage earners and clerical workers. In 2024, the increase is only expected to be 2.
“In 2025, we are focused on understanding the customer’s experience over their lifetime,” the SSA said on its website. “Through this understanding, we respond to and anticipate our customers's needs, and thoughtfully craft appropriate service options.”
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