10/31/2024
5 BIG Changes to Social Security Benefits
~Bankrate
1. Cost of Living Adjustment (COLA)
a. it will rise 2.5% in January 2025
1. you will get a raise
------GOOD, actually, just okay
2. Maximum Taxable Earnings is Going Up
a. was $168,600, will be $176,100
1. more of your money will be taxed
------BAD
3. Maximum Social Security Benefit Increase
a. was $3,822/mon at FRA, will be $4,018
------GOOD
4. Average Benefit for Spouses & Disabled Workers Increase
a. this shouldn't count. This is the same thing as number 1
------DUMB, THIS IS A DUPLICATE
5. Increase In the Income Deduction Limits:
a. was $59,520/yr, will be $62,160 during FRA year
b. was $22,320/yr, will be $23,400 prior to your FRA year
------NOT GOOD ENOUGH!!!!!!