Social Security 2024: Retirees Demand Improved Inflation Protection

As we approach 2024, changes to Social Security will impact retirement. The good news is that income limits for working while receiving benefits will increase, allowing individuals to earn more before their benefits are reduced. However, the bad news is that the cost-of-living adjustment (COLA) for 2024 will be smaller than in 2023, resulting in smaller benefit increases. Additionally, while the maximum benefit is increasing, it is becoming more challenging to achieve due to requirements such as working for at least 35 years, delaying claiming benefits until age 70, and consistently reaching the wage cap. It is important for retirees to understand these changes and prepare accordingly.