What Retirees Need to Know About Social Security in 2024

Sunday, 14 April 2024, 11:06

In 2024, retirees should be aware of the potential taxation on Social Security benefits, new earnings-test limits, the upcoming cost-of-living adjustment announcement in October, and the future outlook of the program. While some benefits may be taxable, others may be withheld based on earnings limits until reaching full retirement age. Understanding these key aspects is crucial for retirees to plan their finances effectively.

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Key Highlights:

Some of your Social Security benefits could be taxable: Up to 85% of benefits may be subject to federal taxes based on income.
New earnings-test limits: Reduced benefits if working before full retirement age with specified limits.
Cost-of-living adjustment (COLA) announcement: Monthly benefits remain the same for 2024 with a COLA announcement in mid-October.
Future outlook: Trust funds may run out by 2033 if no changes are made, leading to reduced benefits.
More information: Visit the Social Security Administration website for detailed insights.

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.

Key Highlights:

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