Social Security Payments and Benefits: Key Updates and Strategies

The third round of October payments is set to be distributed, with changes in benefits on the horizon and strategies to maximize returns.

October's third round of Social Security payments, up to $4,873, will be distributed to eligible retirees on October 23.
A 2.5% cost-of-living adjustment will increase the maximum monthly benefit to $4,018 in 2025, with an average increase of $50 per month.
Social Security benefits are calculated based on the highest 35 years of earnings, and delaying retirement until age 70 can maximize monthly payments.
Beneficiaries should be aware of scenarios that can reduce or suspend benefits, such as incarceration or exceeding income limits before full retirement age.
Creating an online Social Security account allows beneficiaries to check their estimated benefits and adjust their retirement plans accordingly.