"2024 Social Security Update: Key Changes, COLA Increases, and Dual Payment Insights"
In 2024, significant changes to Social Security will impact Americans who are not yet retired. Firstly, there will be a cost-of-living adjustment (COLA) of 3.2%, which will increase the primary insurance amount (PIA) for future benefits. Secondly, the payroll taxable maximum will rise to $168,600, meaning higher earners will pay more in Social Security taxes. Lastly, the earnings limit for those who claim retirement benefits before reaching full retirement age but continue to work will increase to $22,320, with a higher limit of $59,520 in the year they reach full retirement age. These changes will affect current workers' future benefits and the taxes they pay into the system.