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Your Social Security Benefits Might Increase In 2024; Check If You Are Eligible

Social Security Benefits
Social Security Benefits; Source- Fox Business

In response to high inflation, Social Security beneficiaries will see an increase in their maximum amount in 2024. For workers who retire at full retirement age, the maximum Social Security income will increase from approximately $3,600 per month to $3,800. The government states that these full benefits may begin to accrue at 67 years of age, which is the full retirement age for anybody born in 1960 or after.

Social Security Benefits

Social Security Benefits; Source- AS USA

In response to unprecedented inflation during the past two years which at one point reached levels not seen in forty years the Social Security Administration announced plans to implement a 3.2 percent cost of living adjustment starting in 2024. According to the SSA, the monthly Social Security benefits for all retired workers will increase from $1850 to around $1,900. Couples will receive payments that rise from roughly $2,940 to just over $3,000. roughly $3,653 will be given to widowed mothers who have two children, while roughly $1,800 will be given to widowers who have no children.

Social Security Benefits For Disabled Workers

All disabled workers will now be eligible for compensation of almost $1,540 per month, while those with a spouse and at least one child would receive slightly more than $2,720. Approximately 1 in 5 Americans, or over 70 million, receive Social Security benefits. Social Security benefits are available to Americans as early as age 62. When you do, however, reach full retirement age, you will be eligible for full benefits. Your benefit amount will rise if you wait until you reach full retirement age that is, until you are 70 years old. Your payments are lowered by a tiny percentage for each month that you are under full retirement age if you begin receiving benefits earlier than expected.

Social Security COLA 2024

The cost of living adjustment for retirees in 2024 was less than that of 8.7 in 2023. A portion of the rationale can be attributed to the prices’ sharp increase last year, which saw them reach 9% in the summer of 2022. The Federal Reserve implemented the most aggressive rate hike program since the 1980s in response to the rise in inflation, which increased the cost of borrowing money for a variety of purposes including homes, cars, and business investments. This has contributed to October’s inflation rate dropping to 3.2%.

The preferred inflation indicator used by the central bank, the personal consumption expenditure, is set at 3 percent. Even with the recent decrease, inflation remains above the 2 percent objective that officials would love to see. Since 1975, Social Security benefits have been automatically adjusted for cost of living increases linked to price increases. This ensures that the payments retirees receive are reflective of changes in market pricing for goods and services. This means that Social Security payouts are no longer devalued by inflation.

 

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