Key Social Security Program Changes in 2024 That Could Affect Your Retirement Planning
Friday, 29 March 2024, 06:44
Social Security Program Updates
The Social Security program undergoes several important changes each year. Recent data reveals its significant impact on poverty reduction, making it crucial for retirement planning.
Key 2024 Changes
- Payroll Taxes: The maximum taxable earnings limit has increased to $168,600 in 2024, affecting workers' Social Security contributions.
- Benefits Adjustment: Social Security benefits received a 3.2% cost-of-living adjustment to combat inflation, helping beneficiaries cope with rising prices.
- Maximum Payouts: The maximum monthly benefit at full retirement age rose to $3,822 in 2024, emphasizing the importance of claiming age when accessing benefits.
Stay prepared for future Social Security adjustments as the program continues to evolve.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.