Planning to retire? Here’s what you need to know about Social Security 2024.
Social Security 2024 (Photo: WVEC)
Social Security 2024: What You Need to Know Before You Retire
According to Yahoo News, each year, a large number of people retire and begin to consider their Social Security benefits for the year 2024 and beyond. In America, it is common for individuals to retire at the age of 65 or older, and many of them rely on Social Security benefits as a significant portion of their income. In fact, over 50% of those who receive these benefits, account for at least half of their total income.
Moreover, people receiving Social Security benefits will also receive a cost-of-living adjustment (COLA) increase by 3.2 in Social Security 2024.
Social Security 2024: Three Strategies for Retiring
If you or a family member is planning to retire. It is best to know the three strategies for retiring provided by GoBankingRates.
Consider Delaying Your Retirement
Delaying retirement until age 70 can help maximize Social Security benefits, while also allowing the person to save more money or avoid dipping into savings.
Check Out Senior Property Tax Exemptions
It is important to know that you or your family member may not be aware of their benefits. It is important to check out their senior status to know about the benefits such as senior discounts.
Account for Medicare Increases
In 2024, the mediocre will go up from $164.90 to $170.70, this could chip away at the average $55 Social Security benefit. Thus, it is important to know the premiums of Medicare Part B for when you reach the golden age.
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