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6 Social Security Changes Coming in 2024
Even with no modifications in the actual law, Sean Williams notes six changes are coming to the Social Security program in 2024. They are: 1. a modest cost of living adjustment, to be determined using third quarter data and announced in mid-October; 2. higher income people will pay more as the amount of income taxable (currently $160,200) will rise; 3. the maximum monthly benefit should tick higher, though few earn that figure; 4. early filer withholding thresholds will increase, meaning those 62 to 67 can earn a bit more before benefit reductions hit; 5. income thresholds for workers with disabilities are likely to rise; 6. the earnings bar to qualify for benefits will almost certainly go up. Full piece here.
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