If you’re 45+ years old, you should pay attention to the 2024 Social Security changes enacted by our wonderfully batshit crazy, pathologically maniacal members of Congress.

1. Cost of Living Adjustment (COLA) Increase: Beneficiaries will see a 3.2% COLA increase, which is above the 20-year average but lower than the previous two years. This increase is meant to keep up with inflation and will result in a monthly check rise by $59 to $197 for some.
2. Higher Payroll Taxes for High Earners: The maximum taxable earnings cap will rise to $168,600, meaning high earners will owe more in payroll taxes, potentially increasing the Social Security trust fund.
3. Larger Maximum Monthly Payouts: High earners retiring at full retirement age could see their maximum monthly payout increase to $3,823, a $195 per month boost.
4. Increased Withholding Thresholds for Early Filers: Early filers will be able to earn more before having benefits withheld due to the retirement earnings test.
5. Higher Income Thresholds for Workers with Disabilities: The income thresholds for non-blind and blind workers with disabilities will increase, allowing them to earn more without halting their disability benefits.
6. Tougher to Qualify for Benefits: It will be slightly harder to earn work credits needed to qualify for Social Security benefits, with an increase in the amount of earned income required for a single work credit.
7. Increased Likelihood of Benefit Taxation: Due to unchanged tax thresholds since the ’80s, more retirees will likely owe taxes on their Social Security benefits as the COLA increases payouts.

In summary, the average person might see a modest increase in their Social Security benefits due to the COLA adjustment, and those who work while receiving benefits may enjoy a bit more leeway before their benefits are reduced. However, the potential for increased taxation on benefits could offset some of these gains, especially for those who have other sources of income in retirement. It’s a mixed bag, and the true impact will vary widely based on individual circumstances.