Social Security Raises in 2024: What You Need to Know

Social Security is a crucial program that provides financial support to millions of Americans, particularly elderly individuals and individuals with disabilities.

Every year, Social Security recipients receive a cost-of-living adjustment (COLA) to account for inflation and rising living costs.

In 2024, Social Security beneficiaries can expect a raise in their benefits. Here are some key points you need to know about the Social Security raises in 2024.

1. The COLA for 2024

The Social Security Administration has announced that the COLA for 2024 will be 2.6%.

This increase will apply to all Social Security beneficiaries, including retirees, disabled individuals, and survivors.

2. Average Benefit Increase:

The average monthly Social Security benefit for retired workers is expected to increase by about $70 in 2024.

For disabled workers, the average monthly benefit is projected to increase by around $60.

3. Maximum Taxable Earnings

In 2024, the maximum amount of earnings subject to Social Security taxes will also increase.

The cap on taxable earnings will rise to $147,000, up from $142,800 in 2023. This means that individuals earning more than $147,000 will not pay Social Security taxes on the excess income.

4. SSI Benefit Increase:

Supplemental Security Income (SSI) beneficiaries will also receive a COLA increase in 2024.

The monthly federal payment for individuals will increase from $841 to $864, while the payment for couples will rise from $1,261 to $1,296.

5. Impact on Medicare Premiums:

It’s important to note that the Social Security raise may also affect Medicare premiums for beneficiaries.

While the exact impact will depend on individual circumstances, many beneficiaries may experience a slight increase in their Medicare Part B premiums due to the COLA raise.

Other Stories That You May Like

Conclusion

In conclusion, the Social Security raises in 2024 are a welcome development for beneficiaries who rely on these benefits for their financial security.

The COLA increase will help offset the rising costs of living and provide some relief to retirees, disabled individuals, and survivors.

It’s crucial for beneficiaries to stay informed about these changes and how they may impact their overall financial situation.

By understanding the key points about the Social Security raises in 2024, individuals can better plan for their future and make informed decisions about their financial well-being.

The Boys’ Spinoff ‘Gen V’ Sets Fall Premiere Date as Prime Video Teases ‘Epic’ Season Nicolas Cage’s ‘Pig’ Director Michael Sarnoski in Talks to Helm ‘A Quiet Place’ Spinoff: Report WIZARDS OF WAVERLY PLACE – “Ghost Roommate” – After Alex and Harper realize they can no longer afford their utility bills, a search for a new roommate leads them to Halle Berry Hints at John Wick Spinoff for Sofia: ‘She Might Be Doing Her Own Thingy-Thingy’ Why Meghan Markle Likely Won’t Be in the Suits Spinoff The Walking Dead’ ‘s Jeffrey Dean Morgan and Lauren Cohan to Star in ‘Isle of the Dead’ Spinoff Raise Your Glasses High! A New ‘Vanderpump Rules’ Spinoff Is in the Works on Bravo Susan Lucci Says ‘There Has Been Movement’ with ‘All My Children’ Spinoff Series: ‘COVID Is in Play’ The Conner Family’? ‘Roseanne’ Fans and Celebs Are Calling for a Spinoff — Without Roseanne Barr That ’70s Show’ Cast Will Return for Special Guest Appearances on Netflix’s ‘That ’90s Show’ Spinoff Jim Parsons Says He Would ‘Be Amazed’ If Michael Keaton Played Older Sheldon in Possible Spinoff Bird Box Barcelona’ First Look Promises More Thrills in Spinoff of 2018 Sandra Bullock Hit NBCUniversal Orders a Pilot for Suits Spinoff, Suits L.A. A Guide to Every ‘Yellowstone’ Prequel and Spinoff Series, Including ‘1883,’ ‘1923,’ ‘6666’ Where Can I Watch Sex and the City? How to Stream the Original Show, Movies and Spinoff Cordelia Is the Slayer in Audible’s Buffy Spinoff, Slayers: ‘They’re Gonna Hate It’ (Exclusive) Peacock Confirms Lisa Vanderpump’s Vanderpump Dogs Spinoff