Changes To Social Security Benefits & Medicare Part B Premiums

Social security benefits rise 3.2% in 2024 and 2.5% in 2025. There is no earnings cap for beneficiaries over 66; people who turn 66 in 2023 do not lose benefits if they make $51,960 before reaching 66; beneficiaries between 62 and 66 by the end of 2021 can make $23,400 before losing any benefits. A minimum of $1,510 "earned income" is needed to earn 1 quarter of social security coverage, so $6,040 earnings at any time during 2023 will cover the full year.

Medicare Part B premium increases to $185 in 2025. But higher rates apply to seniors whose 2023 (2 years back) modified AGI exceeded $212,000 for MFJs and $106,000 for singles. Modified AGI is AGI plus any tax–exempt interest.​