CPA Mobile Tax Services

Social Security Updates

The SSA recently released the following updates for 2024 –

–  Cost-of-living adjustment (COLA) of 3.2% for both Social Security and Supplemental Security Income (SSI) benefits beginning in January 2024

–  Individual taxable earnings of up to $168,600 annually will be subject to Social Security tax

–   retirees receiving Social Security benefits will be able to earn $59,520 in the year they reach full retirement age before their benefits are
reduced by $1 for every $3 in earnings over the limit

–  Beneficiaries younger than full retirement age can earn up to $22,320 in 2024 before their benefits are reduced by $1 for every $2 in excess
earnings, up from $21,240 in 2023

–  The maximum Social Security benefit for a worker retiring at full retirement age will increase to $3,822 per month, up from $3,627 in 2023

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