Let us say you think that the monthly money you get from the Social Security Administration (SSA) is all that your Social Security benefits are. So, you are not giving enough credit to the value that comes from all the policies and procedures that are put in place and are constantly being changed without telling you directly.
As Americans’ needs grow and the Social Security Administration’s operating budget shrinks, it gets harder for the agency to keep up its level of service. It will close down sooner rather than later if nothing is done to save it.
Those changes will, however, definitely have an effect on your Social Security check. Knowing about them ahead of time gives you time to get ready or, even better, puts pressure on the people in charge to accept or reject them so that your needs are met. If you want to get a head start on the new year, here are some of them summed up.
Who is going to oversee your Social Security benefits?
From December 20, 2023, to November 29, 2024, Martin J. O’Malley was head of the SSA. During his eleven-month term, he oversaw changes that lowered wait times from 24 to 13 minutes and made it easier for people to get into SSA programs, especially by lowering the requirements for getting Supplemental Security Income (SSI).
However, its term is over, and Carolyn W. Colvin has been named acting commissioner. She has done this job before; during the Obama administration, she was an acting commissioner.
He may not have much time left, though, because President Trump will likely choose someone else for the job once Congress agrees. For now, he has chosen Frank Bisignano, an American businessman who is known for being Chairman, President, and CEO in the technology and financial industries as well.
Some of the most important things he has done for companies like Finserv, First Data Corporation, and JPMorgan Chase are listed below. There is a chance to look at how his experience in the private sector will help streamline SSA benefits and solve problems at the agency.
How will customer service impact your Social Security benefits?
People who get Social Security benefits will be dealt with by the government in two different ways. They will change how much Social Security you get. The first is more about operations and has to do with a change in how the SSA helps people who come in person.
Starting on January 6, 2025, the SSA will require everyone to make an appointment. You can still go to the SSA office near you to get help with questions about your checks. But after that date, the only ways to get help will be to call their national number, 800-772-1213, and ask for an appointment or go to their local office.
Some people might be worried about the second change. It means that SSA services will be limited. At first, there were no new hires after November 21, 2024. Congress turned down the request for more money from the federal budget, so this had to be done.
The SSA is having trouble running its business because it needs to hire more people and spend more on IT to save money. It will have to cut down on its physical presence or give current employees time off if it does not get more money. We hope that this will not have any effect on the Social Security payments.
How much will your Social Security benefits increase?
With effect from January 1st (or December 31st if you are an SSI member), the new Cost-of-Living Adjustment (COLA) will change more than just your Social Security benefits. It will also change how the SSA does other things.
The current COLA increase is based on price increases in the CPI-W (Consumer Price Index for Urban Wage Earners and Clerical Workers) that happened in the third quarter of this year (July, August, and September). It shows that inflation has gone down since last year. Because of this, the set amount was set at a 2.5% rise.
What other impacts will COLA have on your Social Security benefits?
As a result of COLA, other values will go up, such as the maximum taxable earnings (from $168,600 in 20204 to $176,100 in 2025), the retirement earnings test exempt amounts (from $22,320 in 2024 to $23,400 in 2025), and even the income and asset limits for the SSI program.
Also See:- SSI announces the new ones available for this 2025 if you are eligible and meet these requirements
