Social Security Constants – These Things Won’t Change - Forbes
As we head toward a new year, various articles will start to appear which offer information about forthcoming potential changes to Social Security in 2024. Predictions on next year’s Cost of Living Adjustment (COLA) are already showing up, and others which try to predict next year’s payroll tax cap, as well as other annual thresholds, won’t be far behind. These annually changed benefit-determining factors provide great fodder for pundits to write about, but there are some things – basic rules of thumb – which will not change. These are fundamental factors which will remain constant, regardless of the annual changes to Social Security which will occur from inflation and changes to the national Average Wage Index, and which are conveniently listed in this Forbes article by Thomas Hager.
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…