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3 Social Security Changes That Occurred in 2024
While there was no change in the law, Maurie Backman reminds folks that three changes take place yearly. In 2024 the COLA was 3.2% for all. Estimates call for about 2.7% in 2025. The amount of wages taxed at 12.4% (split between employer and employee) rose by $8,400 in 2024. Finally, one needs to earn 40 work credits in a lifetime to qualify for benefits (ten years). The value of a work credit rose to $1,730 in 2024, up from $1,640 the previous year. Full piece here.
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