(NewsNation) — The Social Security Administration has announced the cost of living increase for 2024 and other changes for retirees. Here’s what you need to know.
When will November checks go out?
Social Security checks are sent out based on the birthdate of the recipient. Those receiving Supplemental Security Income had checks sent out on the 1st, while those who began getting payments prior to May 1997 got their sent on the 3rd. People with a birthday between the 1st and 10th should have had checks sent on the 8th, and checks for those born between the 11th and 20th will go out on Nov. 15. On the 22nd, checks will be sent to those born between the 21st and 31st.
Social Security checks should still go out in the event of a government shutdown if funding for the federal government expires Nov. 17.
What is the cost-of-living allowance for 2024?
The annual cost-of-living allowance increase was 3.2%, lower than 2023’s 8% increase.
When will the COLA increase take effect?
Checks sent in January will reflect the updated allowance.
What are the changes for early retirees?
If someone retires before the full retirement age, Social Security deducts $1 from every $2 above a designated threshold. In 2024, that will be raised to $22,320 from $21,240. The year someone reaches full retirement age, the SSA deducts $1 from every $3 earned above a second limit. That will increase from $56,520 to $59,520.
Will taxes go up?
Social Security and Medicare are funded by a payroll tax known as the Federal Insurance Contributions Act.t of earnings subject to FICA will increase from $160,200 in 2023 to $168,600.
That increase will hit all Americans making that much money, not just those getting social security, but unclearclear how many Americans fall into that category.