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Beware that Social Security Increase

That monthly increase coming in January could have consequences. Lorie Konish explains here that over 71 million Americans will see a 3.2% increase to their Social Security and Supplemental Security Income benefits in 2024, as announced Thursday by the Social Security Administration. It’s about $50 more per month to the average recipient. But, caution is urged as higher benefits can put low-income beneficiaries at risk for losing access to the Supplemental Nutrition Assistance Program (SNAP) or rental assistance. Others may see their Social Security benefit income become subject to taxes for the first time, or may see the levies on that income go up. Up to 85% of benefits may be taxed based on certain income thresholds that are not adjusted for inflation. Full piece here.

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