- A 3.2% cost-of-living adjustment will go into effect in January for millions of Social Security recipients.
- Here’s how to find out how much extra money is included in your monthly check.
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According to Joe Elsasser, a certified financial planner and founder and president of Covisum, a provider of Social Security claims software, there are two ways to calculate how much your monthly Social Security check will be in 2024. There is a way.
The best way to do this is to get the amount of your current Social Security check and add your monthly Medicare Part B premiums, if any, to your check. The standard Part B monthly premium for 2023 is $164.90. But higher-income beneficiaries, such as singles with incomes of $97,000 or more and couples with incomes of $194,000 or more, pay more.
Then apply the COLA to your entire benefit, including any amounts that are withheld for taxes. Then subtract the new 2024 Medicare Part B premium and the tax at the rate you withheld it.Standard monthly Part B premium for next year It will be $174.70. High-income earners with incomes above $103,000 and couples with incomes above $206,000 will pay more.
Elsasser said this should tell you how much your benefits will be next year.
Alternatively, you can do a rough calculation by multiplying the monthly benefit you receive today by 1.032.
“It’s going to be a rough calculation, but it’s a reasonable guess,” Elsasser said.
Maximum benefit claimed by retired workers full retirement age It starts at $3,627 per month in 2023 and rises to $3,822 per month in 2024.
The average benefit for all retired workers will increase from $1,848 in 2023 to $1,907 in 2024, according to the Social Security Administration.
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