Important Social Security Changes for 2024: What You Need to Know
Sunday, 28 April 2024, 09:02
Key Social Security Updates for 2024
1. Benefits increased 3.2%, but next year's hike may vary
Social Security benefits rose 3.2% in 2024 to combat inflation. Current projections suggest a 2.6% increase for 2025, reflecting cooling inflation trends.
2. New earnings-test limits benefit seniors
In 2024, seniors can earn more income without risking withheld benefits. The updated limits provide flexibility for retirees still working.
3. Impact of higher earners on payroll taxes
Higher earners contribute more to Social Security in 2024, with a wage cap adjustment to $168,600.
Stay informed about these changes to make informed financial decisions and safeguard your retirement.
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.