Whether you\u2019re applying for Social Security in the future or currently receiving benefits, there are some important changes to earnings limits, Medicare premiums, and other differences to keep in mind. Ready to learn more? Read on.<\/p>\n\n\n\n
That’s right! Due to an increase in the Consumer Price Index (CPI-W), the Social Security Administration (SSA) has made a 3.2-percent COLA Adjustment.1<\/sup><\/p>\n\n\n\n Employees everywhere will be happy to hear that the cap on wages subject to Social Security withholdings has increased to $168,600.1<\/sup><\/p>\n\n\n\n If a working individual starts receiving Social Security payments before full retirement age, the Social Security Administration will deduct $1 in benefits for each $2 that person earns above an annual limit. In 2024, the income limit is $22,320.1<\/sup><\/p>\n\n\n\n During the year in which a worker reaches full retirement age, Social Security benefit reduction falls to $1 in benefits for every $3 in earnings. For 2024, the limit is $59,520 before the month the worker reaches full retirement age.1<\/sup><\/p>\n\n\n\n Social Security recipients will see a $9.80 increase in Part B premiums. But first-time enrollees and Medicare beneficiaries who earn $206,000 or more in 2024 may pay a higher premium.2<\/sup><\/p>\n\n\n\n For 2024, you\u2019ll need to earn $1,730 to earn one \u201ccredit\u201d toward Social Security and Medicare, up from $1,640 in 2023. What remains the same? You can only earn four credits each year, and you must earn at least 40 credits in order to qualify for benefits.3<\/sup><\/p>\n\n\n\n For many, Social Security may be an important source of income during their \u201csecond act.\u201d If changes to Social Security give you pause or make you question if you are making the most of your benefits, a qualified financial professional may be just the person you need to help you realize your retirement strategy\u2019s full potential.<\/p>\n\n\n\n <\/p>\n\n\n\n Sources:<\/p>\n\n\n\n 1. SSA.gov, 2023 Whether you\u2019re applying for Social Security in the future or currently receiving benefits, there are some important changes to earnings limits, Medicare premiums, and other differences to keep in mind. Ready to learn more? Read on. Ready for a Cost-of-Living (COLA) increase? That’s right! Due to an increase in the Consumer Price Index (CPI-W), the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,5],"tags":[11],"class_list":["post-1167","post","type-post","status-publish","format-standard","hentry","category-retirement","category-social-security","tag-damian-sylvia"],"yoast_head":"\nWhat about Tax Caps?<\/h2>\n\n\n\n
Any change to earning limits?<\/h2>\n\n\n\n
Are Medicare Part B Premiums Affected?<\/h2>\n\n\n\n
How much do I need to earn for one Social Security \u201ccredit\u201d?<\/h2>\n\n\n\n
<\/figure>\n\n\n\n
Damian Sylvia
Retirement Income Solutions<\/strong>
Office: 732-508-6044<\/strong>
Direct: 732-284-0902<\/strong>
Email: Damian@MyFinancialSolution.org<\/a><\/strong>
Website: RetirementSolutionsNJ.com<\/a><\/strong><\/h4>\n\n\n\n
2. CMS.gov, 2023
3. SSA.gov, 2023<\/p>\n","protected":false},"excerpt":{"rendered":"