Three Social Security Changes You Need to Know About for 2024
Social Security is not static. The program changes from year to year. According to Yahoo! Finance, there are a few things you need to know about for 2024.
Benefits got a boost. The 2024 cost-of-living adjustment (COLA) is 3.2 percent to help combat the higher costs related to inflation.
The earnings-test limit increased. If you have not reached full retirement age (FRA) but have already claimed Social Security, any salary you receive is subject to the earnings-test limit. It was raised this year, meaning you can earn more money without having benefits being withheld.
The wage cap increased. In 2024, workers pay Social Security payroll taxes on up to $168,600 of earnings. That’s up $8,400 from last year.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will ensure solvency for decades to come and give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), and increased minimum benefits.
