Within the benefits that the United States Social Security Administration sends each month to its beneficiaries we can find several different ones. Each of these checks has its own rules and its own maximum amount. Even so, the 2 changes in the coming year 2024 will have an effect on all of them.
In spite of the fact that in most of the occasions these benefits have a very marked individuality, since they have their maximum check, their average and their requirements, there is something in common. That common factor is none other than the fact that they are managed by Social Security. And in this case what happens is that any new change will apply to all benefits.
Regardless of whether our check is an age retirement check or whether we have a disability benefit, the two new changes will take effect. So pay attention to see what those changes will be and how they will affect you directly starting in January of next year.
It is important to keep in mind that these changes are inevitable. Whether they affect us directly or not is different, but the changes will happen no matter what we as citizens and as Social Security beneficiaries do.
SOCIAL SECURITY CHANGES BY 2024
The first of these changes is something that always happens and will happen barring a surprise. This change is the COLA. By next year 2024 we will be looking at a much lower COLA than this year 2023. In the current year, benefits went up 8.7%, which brought the maximum check to $4,555.
However, in the coming year we will have an approximate COLA of 3%. This figure is not yet official, but it is very likely that we will see something like this. If true, this first change for Social Security in 2024 would cause checks to increase, but not as much as most beneficiaries would like.
The second of these major changes is also related to the COLA, as well as taxes. The tax threshold will not change much as far as Social Security checks are concerned, which will result in many retirees potentially losing part of their benefit.
Not changing the threshold but increasing the checks will result in beneficiaries having to pay taxes that they did not pay before. So when it comes time to file our income tax returns we must watch out for this issue if we do not want to lose part of our Social Security in penalties for non-payment of taxes.
