Social Security in 2024: Changes Coming! - Motley Fool
Actually, Social Security changes every year, as Cost of Living Adjustments (COLA) are applied to payments, and as changes occur to the government’s National Average Wage Index. The former is driven by inflation as measured by the Consumer Price Index, and the latter is what determines the earnings threshold at which Social Security will take benefits away from those collecting early (before full retirement age). Plus, Social Security’s full retirement age, or “FRA” – the age at which you get 100% of your primary insurance amount – goes up by two months for each birth year after 1954, until the current maximum FRA of 67 is attained. The first two items above mean more SS money in your pocket, while the last means new retirees will need to wait longer to get their full SS benefit. All that is explained in this Motley Fool article by Adam Levy.
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. All questions are answered quickly, at no charge. Learn more about it here…