"2024 Social Security Update: Key Changes and COLA Increases for Retirees"

In 2024, retirees must be aware of three significant changes to Social Security: a 3.2% cost-of-living adjustment (COLA) increasing average benefits, a rise in the full retirement age (FRA) for those born in 1958 to 66 and 8 months, and higher retirement earnings test exempt amounts, with the lower limit at $22,320 and the higher limit at $59,520. These changes aim to protect the buying power of Social Security against inflation, adjust benefits based on age, and allow for more earnings before benefits are withheld for those not yet at FRA.