4 Major Changes Coming to Social Security in 2024 and How They'll Affect You

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Cost-of-Living Adjustment (COLA) In 2024, Social Security recipients will likely see a Cost-of-Living Adjustment (COLA), designed to keep up with inflation

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Higher Earnings Cap for Payroll Taxes The maximum earnings subject to Social Security payroll taxes is expected to increase in 2024. This means higher earners will pay Social Security taxes on more of their income

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– Increased Full Retirement Age (FRA) For some recipients, the Full Retirement Age (FRA) is gradually increasing. In 2024, the FRA will continue to rise for those born in later years, potentially delaying when retirees can claim full benefits without a reduction. –

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Higher Maximum Benefit Payout As wages and the earnings cap rise, the maximum monthly Social Security benefit for high earners will also increase.

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Changes to Earnings Test Limits For those who claim Social Security benefits before reaching full retirement age but continue to work

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Possible Adjustments to Spousal and Survivor Benefits Spousal and survivor benefits are expected to be impacted by rising benefit amounts in 2024. With the higher base benefit amounts and COLA adjustment

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– Increased Disability Benefits Those receiving Social Security Disability Insurance (SSDI) benefits will also see an increase in their monthly payments due to the COLA adjustments, improving financial assistance for disabled individuals and their families. –

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Higher Medicare Premium Deductions from Benefits Medicare Part B premiums, which are often deducted from Social Security benefits, could increase in 2024

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