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Social Security Changes for 2024 - Union Democrat
As most who collect benefits already know, Social Security changes a bit each year and, as a rule, most of those changes are for the better. For example, everyone’s monthly payment will be going up by 3.2% next year as Social Security’s Cost of Living Adjustment (COLA) is applied effective with the benefit payment received in January. Also, for those who are collecting early benefits and still working, Social Security’s “earnings limit” will be higher – $22,320 (instead of the 2023 limit of $21,240), which means you can earn more before SS takes aways some of your benefits. The downside of 2024 changes? Well, higher earners will need to pay SS FICA tax on a bigger portion of their earnings, because the payroll tax cap is also going up by $8,400 to $168,600. This article by Bob Haegele, appearing in The Union Democrat, explains.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. Learn more about it here…