Social Security Essentials: What You Need to Know Heading Into 2025

Few things get as much attention in retirement planning as Social Security because of its importance and its uncertain future. Today we’re going to tackle some of the essential planning conversations you need to have about Social Security and clear up the questions people are asking as we head into a new year. With a recent announcement from the Social Security Administration about a 2.5% cost of living adjustment (COLA), the conversation turns to the optimal timing for taking Social Security benefits, potential changes to the full retirement age, and the looming depletion of the Social Security trust fund. Discover the factors influencing your Social Security decisions, including health considerations, the impact of Medicare costs, and the potential for future reforms. Here’s what we discuss in this episode: 0:00 – Intro 1:21 – 2025 COLA increase 2:49 – When to file 6:55 – No taxes on SS? 10:43 – Solvency 15:33 – When do you file? Learn more about us: https://www.rwpaul.com/our-firm Contact Matt & Steve: https://www.rwpaul.com/contact Phone: 248-305-9911