The Social Security changes in 2024 are made to ensure that the benefits will adjust with inflation and wages. In this article, read and find out what are the major revisions retirees can expect to come to Social Security next year!
Earning More Credits
One of the Social Security changes in 2024 is the need for workers to earn 40 credits to be able to qualify for the full coverage of the Social Security program. This suggests that under the Social Security changes, any worker who lacks the required number of credits will not be able to receive retirement benefits. In addition, the workers’ families will also not receive spousal or survivor benefits.
2024 Cost-of-Living Adjustment
According to Jennewine, another one of the Social Security changes in 2024 is the annual cost-of-living adjustment (COLA) that the benefits will receive to help retired workers keep up with the rising costs of living. Despite the COLA for 2024 not being determined yet without the inflation data from the month of September, the Senior Citizens League anticipates that the benefits will increase by 3.2% next year.
Increase in Full Retirement Age Benefits
An article in NASDAQ states that another one of the Social Security changes in 2024 is the increase in the maximum benefits that can be received at full retirement age (FRA). Reports say the maximum benefits at FRA tend to increase annually and have risen at around 3.6% per year over the last decade. If the average increase matches the increase in 2024, the maximum benefits at FRA is expected to increase to $3,758 per month from $3,627.