Understanding the Changes in Social Security Taxes for 2024
The Social Security Administration recently announced a 3.2% cost-of-living adjustment (COLA) for benefits in 2024. While this increase is smaller than the 8.7% boost seen in 2024, it still represents a significant rise compared to recent years. This adjustment is crucial for the millions of Americans who rely on Social Security benefits for their retirement income. However, it also raises questions about the funding of these higher payments and the impact on Social Security taxes …