Retirement planning just got more complicated. According to a recent CBS article, Social Security's full retirement age is increasing in 2025, starting in 2025, the full retirement age (FRA) for Social Security benefits will increase yet again. For those born in 1959, the FRA will now be 66 years and 10 months, while those born in 1960 or later will have to wait until at least age 67. Compounding this, the Cost of Living Adjustment (COLA) for Social Security checks will only rise by 2.5% in 2025—the smallest increase since 2021.
What does this mean for you? If you’re nearing retirement, these changes may impact your financial security, requiring strategic planning to ensure your golden years are comfortable. Retiring before FRA could reduce your benefits by up to 30%, while rising costs and slower COLA growth may stretch your savings thin.
How Vick Law Can Help You Navigate These Changes
At Vick Law, we understand that shifting Social Security rules and economic uncertainty can feel overwhelming. That’s why we’re here to help you prepare for a secure retirement, no matter what the future holds.
Here’s how we can assist:
- Maximizing Social Security Benefits
Understanding when to claim Social Security benefits is key to optimizing your retirement income. We’ll help you develop a strategy tailored to your unique circumstances, ensuring you don’t leave money on the table.
- Building a Comprehensive Estate Plan
A rising retirement age and shrinking COLA mean you need a solid financial and estate plan to fill in any gaps. We’ll work with you to create a plan that includes wills, trusts, and asset management to protect your savings and legacy.
- Medicaid Planning for Long-Term Care
With longer life expectancies and increasing healthcare costs, planning for potential long-term care is essential. We specialize in Medicaid planning, helping you preserve your assets while securing the care you need.
- Customized Retirement Strategies
From determining how to allocate retirement funds to planning for unforeseen expenses, we’ll provide the guidance you need to make informed financial decisions.
Take Action Now for a Secure Future
The changes to Social Security in 2025 highlight the importance of proactive retirement planning. Don’t wait until it’s too late—partner with Vick Law to create a strategy that protects your financial independence and peace of mind.
📞 Call us today to schedule your consultation and take the first step toward retirement security. We’re here to help you navigate life’s challenges and prepare for a brighter future.
Reference: "Social Security's full retirement age is increasing in 2025. Here's what to know" (December 20, 2024) https://www.cbsnews.com/news/social-security-full-retirement-age-2025-what-to-know/#:~:text=The%20full%20retirement%20age%20is,full%20benefits%20in%20November%202025.
