1. Bigger incomes will be taxed more
Let’s start this properly and talk about the money business. 2024 is not the best year for the bigger wallets out there because more income will be taxed. But what does that even mean?
Well, if in 2023 the Social Security payroll tax used to be $160,200, in 2024 things will change and this tax will be increased to $168,600. This is a lot of money, and maybe this change will not affect everyone, but the big earners will surely be affected.
Have you ever heard of the 7.65% FICA that they stop every month from your paychecks? 6.2% of this tax goes to your Social Security, and if you are one of those who earn more than the average, you will need to take more money out of your pocket.
CNBC did some research, and they found out that from all of the workforce, only 6% fall into the category that manages to hit the maximum earnings mark each year. So, if you are a part of this 6%, this is one of the Social Security changes coming in 2024 that might hit your wallet.
4 thoughts on “6 Social Security Changes Coming in 2024”
Wow, such great information. Very helpful!
COLA does not even come close to helping with the rising food, Gas, electric, Heating oil,
and almost everything else .Government algorithms are for the birds
how do we get SSA to make changes. I could not get my deceased husband’s monthly SS because I receive a Federal Gov. retirement. they have some kind of formula to determine eligibility. do we need to vote on any changes, write to someone to make the changes.? I’m sure there are more like me in this situation
Barbara, the same happened to me. It is called the Government Pension Offset (GPO)
Government Pension Offset (GPO) – If
you qualify for benefits as a current or
former spouse, widow, or widower, the
GPO may reduce or eliminate your
benefits. Jan 20, 2024
The bipartisan Social Security Fairness
Act — which now has 308 cosponsors
would eliminate both the WEP and the
GPO, two provisions of the Social
Security Act that unfairly reduce or
eliminate Social Security benefits for
millions of Americans who have devoted
much of their careers to public service.
Make your vote count. 🗳