In this video I cover the highlights of the recent changes announced for the Social Security program beginning in 2024.
Resources mentioned in the video:
→Social Security Cheat Sheet
→My video “How Social Security Retirement Benefits Are Calculated [3 Easy Steps]”
→My video “Working While Receiving Social Security (The New 2024 Rules)”
🔥🔥 Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page! 🔥🔥
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⭐⚠️⭐Please read this⭐⚠️⭐
⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government. I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
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The Big Changes to Social Security in 2024
Social Security is a government program in the United States that provides financial support to retired and disabled individuals, as well as survivors of deceased workers. It is an essential safety net for millions of Americans, and any changes to the program have significant implications for those who depend on it. In 2024, some major changes are set to take effect, causing a mix of anticipation and concern among beneficiaries.
One of the biggest changes to Social Security in 2024 is the increase in the full retirement age (FRA) for those born in 1960 or later. Currently, the FRA is set at 66 years and 6 months, but it will gradually rise to 67 by 2027. This means that individuals who were born in 1960 or later will have to wait longer to receive their full retirement benefits. While this change aims to keep the program financially sustainable as life expectancy increases, it poses challenges for those who were planning to retire early.
Another significant change is the increase in the payroll tax wage cap. In 2024, the taxable earnings threshold will rise from $142,800 to $147,000. This means that individuals earning above $147,000 will only pay Social Security taxes on the first $147,000 of their income. This change aims to ensure that higher-income earners contribute their fair share to the program, but it does little to address the long-term funding challenges that Social Security faces.
Additionally, the cost of living adjustment (COLA), which adjusts Social Security benefits for inflation, will see a change in 2024. The COLA for 2022 and 2023 was relatively high due to increased inflation, but it is expected to be more modest in 2024. This means that beneficiaries’ monthly checks may not increase as significantly, potentially impacting their quality of life and ability to keep up with rising costs.
One aspect that remains unchanged in 2024 is the taxation of Social Security benefits. The income thresholds for federal taxation of benefits will remain at $25,000 for single individuals and $32,000 for married couples filing jointly. If an individual’s income exceeds these thresholds, they may have to pay income taxes on a portion of their benefits. This provision often surprises individuals who had not anticipated the tax implications of their Social Security benefits.
These changes, both big and small, demonstrate the evolving nature of Social Security and the ongoing efforts to ensure its financial sustainability. While these modifications might be necessary to sustain the program in the long run, it is crucial to consider the potential impact on beneficiaries. Many individuals rely on Social Security as their primary source of income, and changes to the program can significantly impact their financial well-being.
As Social Security continues to evolve, it is important for individuals to stay informed about these changes and plan accordingly. For those approaching retirement age or already receiving benefits, it may be beneficial to consult with financial advisors or seek information from the Social Security Administration to understand the implications of the 2024 changes on their specific situation.
Ultimately, the big changes to Social Security in 2024 highlight the ongoing challenges of maintaining a sustainable and equitable system. As the government addresses these challenges, it is crucial to strike a balance that does not disproportionately burden those who depend on Social Security the most.
@Devin Carroll > TYVM for providing the cliff notes version of the video! Here's a VERY VERY STUPID question, perhaps the MOST stupid question you ever had–but I'm clueless and cannot find anything via GOOGLE at the moment. (Many sites I simply cannot hit due to my IP.) Let's say that I have 3 separate 401K plans (yes, I know, I need to merge them…), and a Military TSP. And lets say that I wanted a rough guesstimate of how much of a monthly payment I would get from them when I retire. Multi-part question: 1) What is the earliest age I can take from it (I'm thinking 59.5 if you retire after 55. This was something I did find, but I am not sure of its veracity.) and 2) What percentage of the total amount should I figure on (or is it a fixed amount? (OR can I specify a certain amount that I need to figure on with due diligence???)? Thank you for your consideration. (Edited because YouTube formatted a bunch of scratched through text, so I made it more formal English to try to alleviate that issue.)
I definitely hear you you are on the road right there they're not even trying to take care of us
Gree they should take care of the elderly
Screws disabled the most because how early they draw with a compounding lie, doesn't take long before you're eating the cats food!!
Disabled have to beg for everything.
Ramps scooters and pray our Life
Away.
Any benefit for those of us receiving survivor benefits.
My wife died on active duty Navy in 2014.
I started receiving benefits last year at age 62, and will convert to mine in 2030 when I reach 70.
R/
Dipak
I believe that the Social Security Administration missed the mark since they only use Jul/Aug/Sep numbers.
Inflation is much higher even though the Fed is trying to decrease it.
2024 will have high inflation again so keep your high rate CDs , etc intact.
The WEP is a croc of shit. Plenty people who receive a government pension often work a second job where they pay into social security. And when they pay into the system it is at the full rate. So why can’t they collect their social security at the full amount. Why do we get penalized.
The maximum wage base limit is ABSOLUTELY FUCKING OUTRAGEOUS…..!!!!!!
This limit has grown RAPIDLY in just the last few years. It’s all because of the LARGE AMERICAN POPULATION OF LOSERS who spent a life not working and paying SS TAX…
The American politicians are trying to starve the elderly into selling their properties.
How about they address the SS Tax Torpedo, being taxed on $1.85 for every dollar I withdraw from my IRA is a retirement killer
Clearly it is time to eliminate this ridiculous 'collect at 62' madness. Its way too young for these lazy slugs to collect. A boot in the ass back to the workforce. If they want to retire at 50….55….62….that's fine. No Soc Sec $$$ until FRA.
I'm sick of seeing these early retirees on fb traveling all over the planet at the same time crying poor mouth.
I know 6 people in my orb that are disability fraud cases. Collecting for years. ♿ Handicap plate, the whole nine yards.
My estimation is half of all disability claims are fraudulent. Probably much higher than 50%.
That would free up a $ ton of money for qualified social security recipients.
If you are not drawing SS, will the amount you get when you start drawing it be higher because of the cost of living increases?
After what Biden and the criminal empire he runs did to the economy this is very laughable and puts elderly in jeopardy and who cares no one does THANKS Joe
Thank You
There use to be a time when Social Security payments were NOT taxable. Then a greedy politician named JoeBiden came along, to help make that change !!
@Devon If the COLA for retirement benefits is 3.2% for 2024, then why does Forbes report, "The maximum benefit for a high-income single worker claiming Social Security at “full” retirement age will be $3,822 a month in 2024, up 5.4% from a maximum of $3,627 for those reaching full retirement age in 2023."?
What is the reason for the earnings limit? What is the benefit to the SSA by having an earnings limit?
Thank you
In my early working years I accumulated around 30-35 credits before I began teaching. I'm not eligible for SS since I didn't reach 40 credits. Does SS just keep that money I paid into it back in my early days of working?
This guy loves him self talk a lot of mumbo-jumbo
Wow bad news for born in 61 people. I thought the bent point was used when u start SS not at just 62. I was hoping for just some crumbs. Born in 61 didn’t get the 5.8 or the 8.7% increase or indexing. They should fix this. The Doughnut hole is a sink hole for born in 61 people!
Thanks again for the update it's helpful
When I draw my full ss at 67 and still working full time is it true that I would get a raise every year on my ss
Anyone getting social security benefits are getting totally screwed. I barely get $1,200 per month. It’s time to stop supporting all the illegals that are illegally entering our country. Americans always end up paying there way. Look at the words ILLEGAL/ILLEGALLY. Wake up Americans! They don’t deserve to be here.
My Guess ? Medicare will go up and take more than the 3.2%.
Thanks for the Cheat Sheet… Curious about IRMA?
Thank you for the sheets
Tried 2x to download cheat sheet. Any suggestions?
Look all these guys on here are doing, is repeating what you hear in the news. They want you to subscribe and click the thumbs up, to make money from you-tube. It's all called click bate. They are trying to take advantage of the elderly. This is the truth! Don't fall for this shit!
We already got it…. 3.2 and 15.00 more for Social Security. No big deal. As a matter of fact the inflation rate is 3.7. So, so much for that. We got screwed again. But what do we expect from the culture of death Democrats? Maybe Joe will throw us a little bigger bone next year to pick up some votes to add to his pet Illegals votes!