Social Security is often talked about as a major component of retirement. Here are a few changes that are in the works, will they help or hurt you?
The COLA for 2024 will be 3.2% — a decline of two-thirds from this year’s adjustment but still above the 2.6% average over the past couple of decades.
The maximum amount of earnings subject to the Social Security payroll tax will increase to $168,600 in 2024 from $160,200 in 2023.
The maximum Social Security benefit for a worker retiring at full retirement age will rise to $3,822 in 2024 from $3,627 in 2023.
If you also continue to work after filing for Social Security retirement benefits, you might be subject to an earnings test if you earn a certain amount of money. In 2024, the earnings exempt from the retirement earnings test will increase to $22,320 from $21,240 in 2023, according to the Social Security Administration. For every $2 in earnings above that limit, $1 in benefits will be withheld. These earnings rules no longer apply once you hit full retirement age. *
Most of these changes are good, please consider them all when filing for Social Security.

*Material sourced from MSN article 1/31/24

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