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Social Security Benefits: These Are The Key Details You Need to Be Aware Of

Social Security Benefits
Social Security Benefits; Source- Newsweek

The SSA modifies program features and benefits annually, and this will continue in 2024. The 3.2% COLA has dominated the headlines. However, there are other numbers to be aware of in the upcoming year.

Social Security Benefits

Social Security Benefits; Source- AS USA

Social Security Retirement Benefits

2024 may or may not be a significant year for Social Security pension payments, depending on your age. You must choose whether to apply for benefits if you reach 62 this year and become eligible for them. Generally speaking, it is preferable to wait because the payment you make every month will increase with time. You may also reach full retirement age in 2024, depending on your birthdate. At that point, your work history will determine your eligibility for your entire payout. This is the age at which you maximize your Social Security payment, so if you reach 70 this year, you should definitely claim your benefits as there is no longer any reason to wait.

In comparison to this year’s 8.7% COLA, the 3.2% COLA that Social Security recipients will receive in 2024 may seem insignificant, yet it remains among the biggest COLAs this century. Only seven years before to 2000 have seen an annual COLA greater than 3.2%. In ten of those years, the COLA was less than 2%, and there was no COLA three times. Starting this month, more than 66 million pension recipients will get the 3.2% COLA. The 3.2% rise will result in an average monthly payment increase of $59 for Social Security retirement pensioners. That’s a significant decrease from the $146 monthly increase in benefits that recipients of Social Security received in 2023 as a result of the 8.7% COLA the largest increase in over 40 years.

Average Monthly Rise In 2024

In 2024, there will be an average monthly rise of $48 for those with long-term disability. From $160,200 in 2023 to $168,600 in 2024, the maximum earnings due to the Social Security payroll tax will rise. 6.2% of the 7.65% FICA tax that employees pay from their paychecks goes into Social Security. Companies are also required to pay 6.2% of the program’s cost. Approximately 6% of employees who pay Social Security taxes make more money annually than is taxable. For an employee reaching full retirement age in 2024, the highest value Social Security payout will increase from $3,627 in 2023 to $3,822 in 2024. Only individuals who file claims at FRA which is presently either 66 or 67, based on your birth year are impacted by this.

Full Retirement Age

The full retirement age for individuals born in 1957 is 66 years and six months. In other words, if you were born around July 1957 and December 1957, the first part of 2024 will be when you reach FRA. The FRA for people born in 1958 is 66 +/- 8 months. In September 2024 or December 2024, if your birthday falls around January 1958 and April 1958, you will reach FRA. For full benefits, anyone conceived in May 1958 or after will need to wait until the next year. In the event that you are a Medicare enrollee, your Social Security income is most likely being used to cover your Part B premiums. Physician visits and other outpatient care are covered under Part B of the federal health care program. Medicare premium increases reduce your COLA; in 2024, they will increase from $164.90 to $174.70 per month in 2023.




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