Social Security has been a financial lifeline for retirees for decades, but it hasn't stayed the same. If we jump back 40 years to 1984 -- when VHS tapes and cassette players were all the rage -- you'll see how much inflation has eroded purchasing power over the decades.

Among the other Social Security changes coming in 2025 are a smaller cost-of-living adjustment at 2.5%, down from 3.4%; an increase in maximum taxable earnings from $168,000 to $176,100; and appointment-based services at Social Security offices nationwide.

However, the amount of income subject to the Social Security portion of the FICA tax will change next year. The maximum taxable earnings is currently $168,600 but will rise to $176,100 in 2025. There is no limit on the amount of earnings for which FICA taxes used to fund Medicare must be paid.

A review of the legislation by the Congressional Budget Office, a nonpartisan federal agency in the legislative branch, found passage of the bill would increase Social Security expenditures, and possibly exhaust the Old-Age and Survivors Insurance Trust Fund six months earlier than the current 2033 projection.

In other words, while Musk has publicly advocated for reductions to federal spending in the trillions, there was no explicit evidence of him saying he wants to cut Social Security benefits, specifically, or tangible proof of him working towards that alleged objective, as of this writing.

Although Social Security has been around for decades, it's common for some of the program's aspects to change from year to year. For example, seniors on Social Security are eligible for an automatic cost-of-living adjustment,

As the new year approaches, it's crucial to understand the upcoming changes to Social Security. While major policy shifts are absent, adjustments based on inflation and wage growth will impact benefits,