In this video I cover the highlights of the recent changes announced for the Social Security program beginning in 2024.
Resources mentioned in the video:
→Social Security Cheat Sheet
→My video “How Social Security Retirement Benefits Are Calculated [3 Easy Steps]”
→My video “Working While Receiving Social Security (The New 2024 Rules)”
🔥🔥 Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page! 🔥🔥
📍We can show you how to retire with confidence! 📍In our Retirement Roadmap plan, we can help make your retirement savings last longer and reduce your taxes by coordinating your Social Security filing strategy, retirement account withdrawals, and Roth conversions. 📞Schedule your call and see if this plan is a fit for you.
🎤 If you're preparing for retirement or already enjoying it, you'll definitely want to catch my podcast, Big Picture Retirement. Your retirement's success hinges on seeing the "big picture" and tying together your legal, tax, and financial strategies. On the show, we dive deep to offer insights on effective planning, and I'm joined by my co-hosts - attorney John Ross and yours truly, financial planner Devin Carroll.
➡️ Want to hire Devin and his team? --
Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn:
✔The Most Important Factors to Consider BEFORE You File for Benefits
✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy
✔Why This Is The Biggest Decision of Your Retirement
Access the workshop today at this link
➡️ Get a copy of my best-selling book, Social Security Basics, here --
➡️ Social Security Questions? Join my FREE Facebook Group!
📜 HEAR YE HEAR YE: Some of my videos contain links to third party products, apps, and services. If you click through, I may receive a small referral fee to my media company (Carroll Media Properties) through their referral program. Rest assured, I only recommend products or services that I believe will be helpful and informative to my audience.
⭐⚠️⭐Please read this⭐⚠️⭐
⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government. I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
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The Big Changes to Social Security in 2024 Social Security is a government program in the United States that provides financial support to retired and disabled individuals, as well as survivors of deceased workers. It is an essential safety net for millions of Americans, and any changes to the program have significant implications for those who depend on it. In 2024, some major changes are set to take effect, causing a mix of anticipation and concern among beneficiaries. One of the biggest changes to Social Security in 2024 is the increase in the full retirement age (FRA) for those born in 1960 or later. Currently, the FRA is set at 66 years and 6 months, but it will gradually rise to 67 by 2027. This means that individuals who were born in 1960 or later will have to wait longer to receive their full retirement benefits. While this change aims to keep the program financially sustainable as life expectancy increases, it poses challenges for those who were planning to retire early. Another significant change is the increase in the payroll tax wage cap. In 2024, the taxable earnings threshold will rise from $142,800 to $147,000. This means that individuals earning above $147,000 will only pay Social Security taxes on the first $147,000 of their income. This change aims to ensure that higher-income earners contribute their fair share to the program, but it does little to address the long-term funding challenges that Social Security faces. Additionally, the cost of living adjustment (COLA), which adjusts Social Security benefits for inflation, will see a change in 2024. The COLA for 2022 and 2023 was relatively high due to increased inflation, but it is expected to be more modest in 2024. This means that beneficiaries' monthly checks may not increase as significantly, potentially impacting their quality of life and ability to keep up with rising costs. One aspect that remains unchanged in 2024 is the taxation of Social Security benefits. The income thresholds for federal taxation of benefits will remain at $25,000 for single individuals and $32,000 for married couples filing jointly. If an individual's income exceeds these thresholds, they may have to pay income taxes on a portion of their benefits. This provision often surprises individuals who had not anticipated the tax implications of their Social Security benefits. These changes, both big and small, demonstrate the evolving nature of Social Security and the ongoing efforts to ensure its financial sustainability. While these modifications might be necessary to sustain the program in the long run, it is crucial to consider the potential impact on beneficiaries. Many individuals rely on Social Security as their primary source of income, and changes to the program can significantly impact their financial well-being. As Social Security continues to evolve, it is important for individuals to stay informed about these changes and plan accordingly. For those approaching retirement age or already receiving benefits, it may be beneficial to consult with financial advisors or seek information from the Social Security Administration to understand the implications of the 2024 changes on their specific situation. Ultimately, the big changes to Social Security in 2024 highlight the ongoing challenges of maintaining a sustainable and equitable system. As the government addresses these challenges, it is crucial to strike a balance that does not disproportionately burden those who depend on Social Security the most. https://inflationprotection.org/major-revisions-to-social-security-expected-in-2024/?feed_id=147183&_unique_id=65303c7f43b82 #Inflation #Retirement #GoldIRA #Wealth #Investing #DevinCarroll #Retirement #retirementplanning #socialsecurity #socialsecuritydisability #SpousalIRA #DevinCarroll #Retirement #retirementplanning #socialsecurity #socialsecuritydisability
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