In today's episode, our host Dave Hall is joined by respected experts Marc Kiner and Jim Blair. These knowledgeable professionals have dedicated themselves to educating CPAs and clients on the intricacies of Social Security and its integration into retirement planning.
In this episode, Dave and his guests delve into recent updates and answer pressing questions about Social Security. They discuss the latest figures and adjustments, including the recent Cola increase of 3.2%, which may not have met some expectations. They also shed light on the Social Security wage base, annual earnings figures, and the income thresholds for different retirement ages.
Key Takeways:
1.The recent Social Security cost-of-living adjustment (COLA) for 2024 is 3.2%, lower than the previous year's increase of 8.7%.
2. The earnings limits for those under full retirement age have increased to $22,320 for the year and $1,860 per month. Going over this limit will result in a reduction in Social Security benefits.
3. Medicare premiums are estimated to increase by about $10 per month in 2024, with the base premium at $164.90. Medicare costs have been rising faster than Social Security benefits in recent years.
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