Biggest Social Security Changes for 2025 - AARP
Dec 4, 2024 · The COLA is applied to all Social Security payments — survivor benefits, family benefits and disability benefits, as well as retirement benefits — and to Supplemental Security Income (SSI), a monthly benefit administered by the SSA for people with low incomes and limited assets who are 65 or older, blind or have a disability.
How Do Social Security and Medicare Work Together? - AARP
Feb 19, 2020 · If you are drawing Social Security benefits, your Medicare Part B premiums are deducted from your monthly payments. If you're not getting benefits, you'll receive bills from CMS. (Almost all Medicare beneficiaries pay no premiums for Part A because they worked, and paid Medicare taxes, long enough to qualify for the program.)
Tips, Tricks for Navigating Social Security and Medicare - AARP
Dec 12, 2024 · Social Security and Medicare play a big part in the lives of older Americans. But these two government programs have changed through the years. Getting someone on the phone can be daunting, yet the automation you’re asked to adapt to can be confusing.
Why a Modest Social Security COLA Increase Is Expected in 2025
Aug 14, 2024 · Editor’s note: The Social Security Administration announced a 2.5 percent cost-of-living adjustment Oct. 10, in line with analysts' projections, and Medicare confirmed Nov. 8 that the standard Medicare Part B premium will increase by 6 percent to $185 a month. Both changes take effect in January 2025.
How 5 Big Social Security Changes in 2024 Affect You - AARP
Dec 5, 2023 · Inflation cooled considerably in 2023, but consumer prices still went up, producing a 3.2 percent COLA for Social Security beneficiaries. That will raise the estimated average retirement benefit by $59 a month, from $1,848 to $1,907, starting in January, according to the Social Security Administration (SSA).
7 Things Social Security Deducts From Monthly Payments - AARP
Oct 5, 2022 · The repeal law, the Social Security Fairness Act, is retroactive to the start of 2024, so those beneficiaries will receive refunds for that year’s withholding as well as higher monthly payments going forward. If you were subject to either provision, check the SSA’s Social Security Fairness Act page for updates on implementation.
Will I Be Automatically Enrolled In Medicare At 65? - AARP
Oct 10, 2018 · You can find more information in Social Security’s “Medicare” publication and AARP’s Medicare Made Easy guide, or you can call Medicare at 800-633-4227. Keep in mind If you are living abroad or are outside the United States when you become eligible for Medicare, contact the nearest U.S. embassy or consulate to request an enrollment form.
Do Social Security Benefits Increase If You Continue To Work?
Oct 10, 2018 · Social Security uses your lifetime average for monthly income, as calculated from your 35 highest-earning years and adjusted to reflect historical wage trends, as the basis for your benefit calculation. Even if you’ve already claimed your benefits, Social Security annually recalculates this average, factoring in any new income from work.
Turning 65 Soon? Here’s When to Sign Up for Medicare - AARP
Jul 25, 2022 · Before then, full retirement age was 65, the same age as Medicare eligibility for those not receiving Social Security disability benefits. Because the full retirement age for Social Security benefits is now 66 or older for people born in 1943 and later, most folks who turn 65 haven’t signed up for Social Security yet.
3 Prescription Drug Changes Coming to Medicare in 2025 - AARP
Dec 13, 2024 · The biggest change in 2025 is a new $2,000 cap on annual out-of-pocket prescription drug expenses, which will help an estimated 3.2 million people in Medicare prescription drug plans save money on their covered medications this year, a recent report from AARP shows. Part D enrollees who reach the cap will save an average of $1,500 in 2025, and ...