Millions of retired workers, survivors, disabled people, and people who get Supplemental Security Income (SSI) depend on their Social Security checks.
New information from the Social Security Administration, on the other hand, means that some of these people may lose their monthly benefits.
The most common reasons for benefit loss are things like fraud, moving, or signing up for benefits in the wrong way. Learn more about the things that could happen to your Social Security checks if you are currently eligible for them if you are getting them:
- Failure to meet residency requirements: According to the Social Security Administration (SSA), users who move out of the United States may lose their Social Security checks.
- Excessive income: It is critical to understand the income restrictions required by each program so that you do not lose benefits and the SSA deducts amounts.
- Change in marital or family status: For example, if a married recipient divorces or changes marital status, he or she may lose some or all of the benefits earned.
- Failure to update personal information: Personal information such as addresses, health status, and other facts must be kept up to date.
- Death of the beneficiary: Social Security checks made after the beneficiary’s death must be refunded, and family members or dependents may be eligible for additional benefits, such as survivor payments.
- Fraud or misuse of benefits: Avoid providing fake information since the SSA will catch it immediately.
Social Security checks will change and beneficiaries need to prepare financially
Even though Social Security has been around for almost 100 years, the Social Security Administration has announced big changes to its benefits. Even with these changes, the agency’s rules can still be changed, and there will be a lot of big changes next year.
Also, these changes will not affect all seniors who are already getting Social Security checks. They might change things even if you are a long way from retirement. It is important to know about the following major changes that will happen in 2025:
- Social Security checks will increase by 2.5 percent. Social Security benefits are adjusted annually for the cost of living due to inflation, helping recipients preserve their purchasing power. Recently, the lowest cost of living adjustment (COLA) was announced and will lead to the monthly payments to rise by 2.5 percent. Thus, seniors may benefit from lower grocery, gasoline, and utilities prices while missing out on a larger Social Security increase due to slowing inflation rates.
- Collecting working credits will be harder. To be eligible for Social Security, retirees must collect 40 labor credits, with four credits annually. In 2025, a single credit is worth $1,810, while in 2024, it’s worth $1,730. To receive four credits, salaries must be at least $7,240.
- A new wage cap for beneficiaries. The wage cap for the Social Security program has been adjusted from $168,600 in 2024 to $176,100 in 2025. This means that individuals earning $200,000 a year will not be required to pay Social Security taxes on the final $23,900 of their income, ensuring the same Social Security tax burden for those earning $176,100 in 2025.
And finally, keep in mind that Social Security is always changing to deal with new problems that come up.
Because of this, if you get Retirement, Survivor, and Disability Insurance (RSDI) benefits, Supplemental Security Income (SSI) benefits, or are thinking about applying for Social Security, you should always be on the lookout for new rules and changes that could affect your monthly payment.
It can be hard to get these federal benefits, so it is always a good idea to talk to a financial advisor or Social Security expert about your finances. This will increase your chances of being accepted into the system.
