This week, the Social Security Administration announced that starting in 2024 Social Security benefits will increase a 3.2%. The 71 million beneficiaries in the United States will see a rise in their payments of $59 for single retired workers, and $94 for retired couples, resulting in an average monthly payment of $1,907 and $3,033 respectively. This adjustment is based on the Consumer Price Index for Urban Wage Earners (CPI-W) between the third quarter of 2022 and the third quarter of 2023. It represents a small boost, compared to the 8.7% cost-of-living adjustment (COLA) in 2023, which was the largest since 1981, due to lower inflation. Additionally, the maximum amount of earnings subject to Social Security tax (wage base) will rise to $168,600, up 5.2% from the previous year. This means higher taxes for about 6% of workers.
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