Importantly, retirees that owe tax on Social Security income must make quarterly estimated payments to the Internal Revenue Service (IRS). Alternatively, retirees can request that a portion of their benefits be withheld by submitting a Form W-4V to their local Social Security office by mail or fax.

Individuals with a combined income between $25,000 and $34,000 may be taxed on 50% of their Social Security benefits. If your combined income as an individual exceeds $34,000, 85% of your Social Security benefits may be taxable. Married couples with a combined income between $32,000 and $44,000 may be taxed on 50% of their Social Security benefits.

Key Points The typical senior on Social Security gets less than $2,000 a month. You should only expect Social Security to replace a small portion of your pre-retirement paycheck. Save on your own for retirement so you’re not forced to make major

Social Security COLA for 2025 is 2.5%. The wage base limit increased by $7,500. The earnings limit for facing the retirement earnings test increased. There is no shortage of changes in Social Security each year.