Top 10 Most Frequently Asked Questions About Social Security in the United States During Q4 2024

Answer: Social Security benefits will increase by 2.5% in 2025. This cost-of-living adjustment (COLA) will begin with benefits payable in January 2025. The estimated average monthly Social Security benefit will increase from $1,927 in 2024 to $1,976 in 2025, an increase of about $49 per month for the average retired worker.ssa+2

The COLA is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of 2023 through the third quarter of 2024. This represents a decrease from the 3.2% COLA applied in 2024.nasdaq+2

Answer: Social Security COLA notices will be available online to most beneficiaries in the Message Center of their my Social Security account starting in early December 2024. Mailed notices will be sent throughout December 2024. To access your COLA notice online, you need to have a my Social Security account created by November 20, 2024. The first Social Security payments with the new COLA will be issued in January 2025.ssa+2

For the first time in 2024, Social Security introduced a newly designed and improved COLA notice that is only one page, uses plain and personalized language, and provides exact dates and dollar amounts.ssa+1

Answer: The Social Security Fairness Act (HR 82) was signed into law on January 5, 2025, eliminating the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). This affects people who receive pensions from work not covered by Social Security, such as some teachers, firefighters, police officers, and federal employees covered by the Civil Service Retirement System.ssa+3

The law is effective retroactively to January 2024, meaning affected beneficiaries will receive retroactive payments covering the period from January 2024 and higher monthly benefits. The Social Security Administration began processing these changes in February 2025, with most affected beneficiaries receiving their retroactive payments by the end of March 2025.ssa+2

Answer: SSI recipients received two payments in November 2024 because December 1, 2024 falls on a Sunday. When the regular payment date (the 1st of the month) falls on a weekend or holiday, Social Security pays benefits early. SSI recipients received their regular November payment on November 1, and their December payment was issued early on Friday, November 29, 2024.livenowfoxyoutube

This is a standard practice to ensure beneficiaries receive their payments without delay due to weekend or holiday schedules. It is not an additional payment, but rather an early release of the December benefit.youtubelivenowfox

Answer: Social Security can be contacted at 1-800-772-1213 (TTY 1-800-325-0778) Monday through Friday, 8 a.m. to 7 p.m. However, due to exceptionally high call volumes (48 million calls since October 2024), wait times can exceed 3-5 hours, with some callers receiving disconnect messages when lines are busy.aarp+3

Alternatives include:

• Using the my Social Security online account at ssa.gov (no wait time)
• Visiting a local Social Security office (appointment required)
• Using online services for common tasks like benefit verification letters and replacement cards
• Checking the frequently asked questions on the SSA websitessa+2

Answer: If you work while receiving Social Security retirement benefits before your full retirement age, there are earnings limits. For 2024, you can earn up to $22,320 per year ($1,860 per month) before benefits are reduced. For earnings above this limit, $1 in benefits is withheld for every $2 earned.ssa+2

In the year you reach full retirement age, the limit is higher ($59,520 in 2024), and $1 is withheld for every $3 earned above the limit, but only until the month you reach full retirement age. After full retirement age, there is no earnings limit.ssa+2

Answer: Social Security will not completely run out of money. The Old-Age and Survivors Insurance Trust Fund is projected to be depleted by 2033. If no congressional action is taken, benefits would be reduced by approximately 17-21%, but Social Security would continue to operate using incoming payroll taxes.kiplinger+2

Financial experts generally recommend not claiming benefits early solely due to solvency concerns, as claiming early results in permanently reduced benefits, and any future cuts would apply to a smaller base benefit amount. Delaying benefits can result in higher monthly payments even if future reductions occur.pgpf+1

Answer: You can create a free my Social Security account at www.ssa.gov/myaccount. You’ll need to provide personal information and answer security questions to verify your identity. Once created, you can:ssa+1

• View your Social Security Statement
• Apply for benefits
• Change your address and direct deposit information
• Get benefit verification letters
• Access important notices like your COLA notice online
• Check application status

The account provides 24/7 access to your Social Security information and eliminates the need to wait on phone lines for many common services.ssa+1

Answer: Whether Social Security benefits are taxable depends on your total income. If your combined income (adjusted gross income + nontaxable interest + half of Social Security benefits) exceeds certain thresholds, up to 85% of your Social Security benefits may be taxable.irs+2

Thresholds for 2024:

• Single filers: Benefits become taxable when combined income exceeds $25,000
• Married filing jointly: The threshold is $32,000

You’ll receive Form SSA-1099 showing the amount of Social Security benefits you received for tax reporting purposes. You can also choose to have federal income tax withheld from your Social Security benefits by completing Form W-4V.epi+1

Answer: You can apply for Social Security retirement benefits as early as age 62, but benefits will be permanently reduced if claimed before your full retirement age (67 for those born in 1960 or later). You can delay benefits until age 70 to receive delayed retirement credits, increasing your monthly benefit by approximately 8% per year after full retirement age.ssa+2

The Social Security Administration recommends applying 4 months before you want benefits to start. You can apply:

• Online at ssa.gov/apply
• By phone at 1-800-772-1213
• At a local Social Security office (appointment required)usa+2