{"id":670,"date":"2023-11-14T14:41:59","date_gmt":"2023-11-14T14:41:59","guid":{"rendered":"https:\/\/www.danaleecpa.com\/blog\/?p=670"},"modified":"2023-11-14T14:41:59","modified_gmt":"2023-11-14T14:41:59","slug":"2024-increase-in-benefits","status":"publish","type":"post","link":"https:\/\/www.danaleecpa.com\/blog\/2024-increase-in-benefits\/","title":{"rendered":"2024 Increase in Benefits"},"content":{"rendered":"<p>If you are a recipient of Social Security or Supplemental Security Income (SSI), this article might interest you. The Social Security Administration has recently <a href=\"https:\/\/www.ssa.gov\/news\/press\/releases\/2023\/#10-2023-2\">announced<\/a> a 3.2% increase in benefits for 2024.<\/p>\n<p>In this blog post, we will try to explain what this increase means for you.<\/p>\n<h2>2024 Cost-of-Living Adjustment<\/h2>\n<p>Starting from January 2024, people who receive Social Security benefits will get a 3.2% increase in their payments. This is known as a cost-of-living adjustment (COLA). A COLA is a periodic increase in benefits that is designed to help beneficiaries keep up with the changes in the cost of living.<\/p>\n<h2>How Much Will Your Benefits Increase?<\/h2>\n<p>The amount of your benefit increase will depend on your current benefit amount and the type of benefit you receive:<\/p>\n<ul>\n<li>the maximum income that can be taxed for Social Security will rise to $168,600,<\/li>\n<li>if you&#8217;re younger than the full retirement age, you can earn up to $22,320 without it affecting your benefits; if you earn more than this, your benefits will be reduced by $1 for every $2 you earn above this limit,<\/li>\n<li>if you reach your full retirement age in 2024, you can earn up to $59,520 without it affecting your benefits; if you earn more than this, your benefits will be reduced by $1 for every $3 you earn above this limit, until the month you reach full retirement age,<\/li>\n<li>once you&#8217;re at full retirement age for the whole year, there&#8217;s no limit on how much you can earn.<\/li>\n<\/ul>\n<p>For example, if you are a retired worker who receives an average monthly benefit of $1,548 in 2023, you will see an increase of $50 per month in 2024.<\/p>\n<h2>When Will You Receive Your Increased Benefits?<\/h2>\n<p>You will receive your increased benefits starting with your January 2024 payment.<\/p>\n<h2>How Will This Affect Your Taxes?<\/h2>\n<p>The increase in your benefits may affect your taxes if your total income exceeds certain thresholds. This is because you have to pay taxes of 50% or even up to 85% (for higher income) of your Social Security benefits if your combined income, calculated per the Social Security Taxable Benefits Worksheet exceeds $25,000 if you file as an individual or $32,000 if you file a joint return.<\/p>\n<p>We hope this blog post has been helpful and informative for you.<\/p>\n<p>In the meantime, if you encounter any issues or have any questions, we are here to help you with your accounting, QuickBooks, and tax needs. <a href=\"https:\/\/www.danaleecpa.com\/\">Click here<\/a> to schedule an appointment.<\/p>\n<p>This material is for informational purposes only. It does not constitute tax, legal or accounting advice.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are a recipient of Social Security or Supplemental Security Income (SSI), this article might interest you. The Social Security Administration has recently announced a 3.2% increase in benefits for 2024. In this blog post, we will try to explain what this increase means for you. 2024 Cost-of-Living Adjustment Starting from January 2024, people [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-670","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-uncategorized","7":"entry"},"_links":{"self":[{"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/posts\/670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/comments?post=670"}],"version-history":[{"count":7,"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/posts\/670\/revisions"}],"predecessor-version":[{"id":887,"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/posts\/670\/revisions\/887"}],"wp:attachment":[{"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/media?parent=670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/categories?post=670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.danaleecpa.com\/blog\/wp-json\/wp\/v2\/tags?post=670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}