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1. Social Security benefits can vary yearly based on cost-of-living adjustments (COLA). For 2024, the COLA rate is a 3.2% increase compared to last year’s 8.7%. With reduced living costs inflation, the increase might provide a bit of extra buying power.

2. Working and collecting Social Security benefits boosts earnings, but before Full Retirement Age (FRA), there’s an earnings-test limit. Beyond the limit, your Social Security income per $1 could be withheld. For example, if your FRA is 67 and you’re 65, the earnings-test limit is $22,320, rising to $59,520 at FRA in 2024. Seniors can have Medicare Part B premiums deducted from Social Security benefits, affecting the total amount received. It’s crucial to understand these influences for budgeting in 2024.



Read more: These 3 Factors Will Impact Your Social Security Checks in 2024