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Six Social Security Changes Effective Today

share-iconPublished: Friday, January 03 share-iconUpdated: Friday, January 03 comment-icon11 months ago
News sources:
USATODAY
Six Social Security Changes Effective Today

Credited from: USATODAY

  • Cost-of-living adjustment (COLA): Social Security checks will increase by 2.5%, raising the average benefit to $1,976.
  • Payroll tax cap increased: High earners will contribute more as the taxable earnings cap rises to $176,100.
  • Maximum monthly benefit climbs: Full retirement age beneficiaries can expect their max benefit to rise to $4,018.
  • Earnings thresholds for early filers adjusted: Early filers can earn $23,400 without penalty, up from $22,320.
  • Income limits for workers with disabilities raised: Non-blind workers can now earn up to $1,620 per month without losing benefits.

For more details, read the full article here.

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Social security Cost-of-living adjustment Benefits update Retirement Taxes
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Author:

Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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