4. The maximum Social Security benefits will increase
As you can see, the Social Security changes coming in 2024 are mainly good, and this makes us more than happy. The maximum Social Security benefits will increase, and this is wonderful for those planning their golden years.
This applies to everyone who is waiting for their FRA, or full retirement age. In 2024, the maximum Social Security benefits will increase from $3,627 to $3,822. This is something good for those who wait until FRA, which is now set at 66 or 67 depending on the year of their birth.
The trick here is to wait for that FRA because if you plan to retire earlier, you will have to be okay with receiving smaller monthly payments. This is kind of like a financial strategy game, and you should see if you can manage to wait until FRA and get the most out of your benefits.
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. 🗳