Social Security Increase

Per the Social Security Administration, shrinking inflation has decreased the annual cost-of-living adjustment for Social Security beneficiaries to 3.2 percent next year, down from the 8.7 percent raise seniors received for 2023. Some of that figure will be lowered by the annual increase in Medicare Part B premiums, which could be nearly $15.00 based on the most recent Medicare trustees report. The amount of wages and salary subject to Social Security taxes will also rise in 2024. Currently, the first $160,200 is subject to tax, which is a 12.4 percent split evenly between the worker and the employer. That amount will rise to $168,600 due to inflation.