From Nasdaq:

Social Security has been a crucial financial lifeline for millions of Americans, lifting 21.7 million people, including nearly 15.4 million adults aged 65 and over, out of poverty each year. On January 1st, 2024, several changes to Social Security went into effect. The cost-of-living adjustment raised benefits by 3.2%, offering retired workers an extra $59 per month. Taxable earnings caps increased to $168,600, affecting high earners, and the maximum monthly payout at full retirement age rose to $3,822. In addition, two states, Nebraska and Missouri, stopped taxing Social Security benefits, and the bar to qualify for Social Security benefits is now higher.



Read more: 7 Social Security Changes That Take Effect Today