Скачать или смотреть 2024 Social Security Changes [UPDATE JANUARY 2024]

Hey everyone, hey Brian here with Stop Being Sold.
In today's video, we're going to discuss the four main 2024 Social Security changes that are relevant to most of our audience.

➡️ 2024 COLA Fact Sheet https://www.ssa.gov/news/press/factsh...

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Cost of Living Adjustment (COLA)
The first change we'll cover is the cost of living adjustment, or COLA, for 2024. Social Security and supplemental Social Security benefits impact more than 71 million Americans. This year, there will be a 3.2% increase in COLA on average. That means Social Security retirement benefits will increase by over $50 per month. This increase went into effect in January of this year.

Medicare Premiums
Now, let's address a common concern: how much of the COLA will go towards Medicare premiums. Each year, the Medicare Part B premium, deductible, and co-insurance rates are determined according to provisions in the Social Security Act. For 2024, the standard monthly premium for Medicare Part B enrollees will be $174.24. That's an increase of $9.80 from 2023, which means only $9.80 of your 3.2% COLA increase will go towards Medicare premiums this year. So, on average, the majority of your COLA increase will remain in your pocket.

Maximum Social Security Payment and Earnings Limit
Moving on to the third question we often receive: What is the maximum monthly payment one can receive from Social Security? Well, that depends on the age at which you retire. For example, if you retire at full retirement age in 2024, the maximum benefit would be $3,822. However, if you retire at age 62, the maximum benefit would only be $2,710 due to taking early benefits. On the other hand, if you delay your benefits until age 70 and retire in 2024, your maximum benefit would be $3,873. As you can see, there's a significant difference between retiring at 62 versus 70.

And finally, let's address the fourth question: How much can you make working if you retire early? When you begin receiving your Social Security benefits, you can work and collect benefits at the same time. However, there is a limit to how much you can earn and still receive your full benefits. For 2024, that limit is $23,232 if you're younger than full retirement age throughout the year. In this case, Social Security will deduct $1 of your benefits for every $2 you earn above that limit. If you reach full retirement age in 2024, the limit on your earnings is $55,950. Social Security will deduct $1 in benefits for every $3 you earn above this limit. However, once you reach full retirement age, there is no limit on your earnings. You can make as much as you want without any penalties.

Thank you for watching. We hope that these four Social Security changes for 2024 provide valuable information to help you plan your retirement. If you have any further questions or need more details, please feel free to reach out. Don't forget to like this video, subscribe to our channel, and stay tuned for more helpful content. Have a great day!