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Recapping the Key Social Seurity Changes from 2024
To many, Social Security seems like a stable monolith, something that’s just always there and never changing. But that’s not the case at all. Anyone familiar with Social Security in any depth will tell you about the many, many moving parts that comprise this massive social welfare program. as an example of just a few of the more significant changes that 2024 brought with it, a post by Washington Examiner’s Brady Knox outlines five significant areas where the program’s rules were changed and/or updated this year.
Some of the changes are annual updates, like the cost-of-living adjustment applied to benefits each January and the taxable maximum for FICA assessments, while others are the result of specific c rule changes, like the full retirement age’s further setback and the ending of the file-and-suspend option, which was canceled via the Bipartisan Budget Act of 2015. Another area of change in 2024 resulted from the Social Security Administration grappling with the massive overpayment problem. So, you can see, there’s always a lot going on in the background!
Read the Knox post in full here. If you have any questions about these changes or what to expect in 2025, know that the AMAC Foundation offers a free-to-the-public Advisory Service featuring a staff of trained and certified Advisors. Learn more about this service and how to access it via the AMAC Foundation website.