2024 Social Security COLA: Impact on Inflation, Tax Brackets, and Monthly Checks

Inflation will impact Social Security benefits and income-tax provisions for 2024, with the Social Security Administration expected to announce a cost-of-living adjustment (COLA) increase of around 3 to 3.5% for next year. Additionally, various federal tax provisions will be adjusted to prevent bracket creep caused by inflation. Tax collections have been rising with inflation, reaching a record high of $4.9 trillion in the fiscal year that ended in September 2022. Furthermore, the IRS has implemented a new policy to end unannounced visits by revenue officers, aiming to enhance safety and reduce confusion for taxpayers and IRS employees.