The Social Security Administration (SSA) has made some changes this year and there may be more on the way. Below are four of the big changes to be aware of:
- Increase in Retirement benefits – The highest Social Security payment for those taking full retirement is increasing from $3,627 in 2023 to $3,822 in 2024.
- Increased taxes on Income – Mostly affecting higher wage-earners, this year sees an increase in income taxes.
- Higher Spousal Disability Benefits – With the higher cost of living, SSA is making changes for those receiving spousal benefits.
- New checks and balances for SS recipients – The program has lost a great deal of money in overpayments over the past several years. To fix this problem, SSA is planning to introduce the Payroll Information Exchange (PIE) which allows them to uncover unreported income.
These are just some of this year’s changes and proposals to reform the Social Security system. Read about all the changes here.
We have to say, though, there’s one big thing that the Social Security administration is missing. Retirement benefits are simply not enough for millions of older Americans. We think that the Elder Relief Act is the answer. Read about it here.