Two moves retirees may make now to boost their 2025 Social Security benefit checks

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• The 2.5% Social Security cost-of-living adjustment for 2025 is the smallest increase to benefits since 2021.
• To boost those benefits, retirees may consider two financial moves.

—the smallest annual cost-of-living adjustment since 2021.

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Still, despite ongoing rising inflation and high costs for everyday goods, some retirees might feel that the increase is insufficient.

People are generally pleased with the raise," said Jim Blair, founder at NSSA Professionals and a former Social Security administrator. "It's not specifically meeting everyone's needs, but it's an improvement over nothing.

Over the past 12 months, as of December.

More from Personal Finance:

Why some retirees feel that the 2025 Social Security cost-of-living adjustment (COLA) won't be enough for them.

* Privatizing Social Security: This would involve using a portion of an individual's payroll taxes to fund a private retirement account, similar to 401(k) accounts, rather than paying into the traditional Social Security system. A clear conclusion only of the other options is present

Social Security Fairness Act recipients face extended delays in receiving increased payments

In December, as per the data unveiled last Friday.

For retirees seeking larger Social Security benefits, a couple of potential strategies exist that they might consider, according to Blair.

Adjust your tax withholdings

excluding benefits paid that were subject to federal income taxes.

"If you're facing difficulties, especially if your income tax rate is relatively low, you can still make adjustments," Blair said.

Reducing the withholding on your taxes will allow you to access any past refunds you're owed sooner, but you'll have to wait longer to receive more of a refund during next year's tax season, according to Blair.

There may be a possibility that you'll have to pay taxes next year, and the amount might depend on your individual situation.

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"As a Medicare beneficiary, you may be eligible for premium adjustments if you are experiencing a change in your income or circumstances. To inquire about having your Medicare premiums adjusted, you can contact the Social Security Administration. You can call them at 1-800-772-1213 (TTY 1-800-252-1010) or visit your local social security office. You can also visit the Social Security Administration's website at www.ssa.gov to find more information about qualifying for premium adjustments.

Most retirees have a standard monthly payment for Medicare Part B, which covers preventive care, necessary medical services, and durable medical equipment.

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Higher-income retirees pay more for what's called the income-related monthly adjustment amount, or IRMAA.

The same applies to the monthly premiums for Medicare Part D prescription medication plans, which have an average estimated monthly cost of $46.50 in 2025.

The premiums are based on your income reported on tax returns from 2 years prior. If your income has recently changed significantly, such as if you've retired, sold a business, or experienced the loss of a spouse, you can submit a request to update your Medicare withholding amount.

Please submit the requested information to the Social Security Administration.