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Social Security Changes Effective Jan 1, 2024
The new calendar year is bringing with it some changes to Social Security. Though no new legislation passed to alter the law, Sean Williams notes seven important changes that happen automatically, mostly due to current law. They are: 1. Social Security checks increase 3.2% due to cost of living adjustment; 2. High earners are potentially facing a larger tax bill; 3. The maximum monthly payout at full retirement age is climbing; 4. Two fewer states (NE and MO) now tax Social Security benefits; 5. Early-filer withholding thresholds have jumped; 6. Disability income thresholds have risen; 7. Qualifying for a Social Security benefit requires $360 more in 2024 income (now $6,920). Full piece with details here.