Djelics | E+ | Getty ImagesRetirees can expect to see some big changes in 2025 when it comes to their Social Security and Medicare benefits. The Social Security Fairness Act eliminates two provisions that reduce Social Security benefits for certain individuals who also have pension income from public work where Social Security payroll taxes were not paid. That includes the Windfall Elimination Provision, or WEP, which reduces Social Security benefits for individuals who also receive pension or disability benefits from employers who did not withhold Social Security taxes. The legislation marks the biggest change to Social Security since certain couples claiming strategies were phased out in 2016, said Martha Shedden, president of the National Association of Registered Social Security Analysts. All Social Security beneficiaries to get 2.5% COLAIn 2025, all beneficiaries will see a 2.5% increase to their Social Security benefit checks, thanks to an annual cost-of-living adjustment.

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Persons: Joe Biden, Biden, Martha Shedden, Shedden, Social Security's, —, George Gagliardi, Gagliardi Organizations: Getty, Social Security, Social, Finance, Congressional Research Service, National Association of, Analysts, Social Security Administration, Medicare Locations: Lexington , Massachusetts