Social Security Announces 2024 COLA, Earnings Limits, and Wage Cap

On October 12, new COLA, earnings test limit, and wage cap for 2024 Social Security benefits will be announced.

2024 COLA expected to be 3-3.5%, lower than 2023's 8.7% but higher than historical average.

Earnings test limit expected to increase - allows seniors earning under limit to receive full benefits before full retirement age.

Wage cap on SS taxes likely to increase substantially due to wage growth - higher earners may pay more taxes.

Changes impact both retirees receiving benefits as well as higher-earning workers paying Social Security taxes.