What an Upper-Class Social Security Check Could Look Like in 2025
Written by
Nicole Spector
Edited by
Heather Taylor
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Though inflation cooled in 2024, people living on a fixed income (chiefly retirees) are still struggling to get by. According to the 2024 U.S. Retirement Survey from Schroders, less than half (44%) of Americans in retirement believe they have saved enough, 24% are unsure and 32% are convinced they have not accumulated enough savings.
Additionally, according to the survey, nearly half (47%) of all retirees report their expenses in retirement are higher than they expected, and 49% believed Medicare would cover more of their healthcare expenses. Based on these numbers, it appears that even retirees who made good money in their working years are feeling worried and literally spent.
Expanded Social Security benefits in 2025 would help everyone relying on Social Security in their golden years. What could an upper-class Social Security check look like next year?
GOBankingRates chatted with retirement experts to find out.
Some See a Positive Future
Dana Anspach, CFP, RMA and founder and CEO of Sensible Money, LLC, has over 25 years of experience in the financial industry and has authored several books on retirement planning. She has a fairly positive forecast.
“Social Security benefits result in a good chunk of change for high-income earners,” Anspach said. “Take the example of someone born in 1958, with income in excess of the Social Security wage base for at least 35 years of their work history. They can expect approximately $4,018 per month if they claim in 2025, at age 67, a few months after their full retirement age of 66 and 8 months.”
Anspach added that this $48,216 a year will continue to rise annually with adjustments tied to the consumer price index.
“If they wait until 70 to begin benefits, their monthly amount is likely to rise to $5,261 or $63,132 per year, assuming a 2% annual CPI increase from now until then,” she said.
Change Takes Time — To the Extent Where It Doesn’t Really Matter Who Next Takes the Oval Office
Though upper-class earners can expect a pretty decent Social Security check in 2025, more changes are needed to shore up the system.
“But it takes a long time for proposals to move their way through the legislative process,” Anspach said. “To those worried about the upcoming election can rest assured, whichever party wins, it will have no impact on your 2025 Social Security check.”
Russell E. Gaiser III, MBA, CFP, CSSCS, financial planner, The Financial Guys, LLC, seconded Anspach’s insight that your 2025 Social Security check won’t be impacted by the next president.
“The president does not factor into this number; whoever is in office has no impact on COLA unless their policy decisions directly lead to higher or lower inflation,” Gaiser III said. “The law provides that if the CPI-W is positive, then Social Security automatically receives that increase. If it is negative or zero, then there is no COLA for that year (this has happened only a handful of times since 1975).”
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