The more than 66 million Americans who receive Social Security retirement benefits are set to receive a cost-of-living increase next year. The Social Security Administration (SSA) announced this week a 3.2% COLA boost for 2024. This is significantly lower than last year’s 8.7% increase.
The increase will see the average monthly benefit check jump by almost $60 from $1,827 to $1,906. Retirement-aged couples who both receive benefits will get an estimated average of $3,033 a month. While the increase offers a little assistance to those relying primarily on Social Security for retirement income, it comes months after we experienced record-high inflation, lingering high prices, and an unpredictable stock market.
The SSA is also raising the maximum amount of earnings subject to the Social Security tax. Starting in January, the taxable maximum will go from 160,200 to 168,600. This means higher earners will be paying more toward Social Security benefits.
For a full breakdown of the effect of the adjustments, check the fact sheet published by the SSA.
Social Security Marketing Opportunities
The SSA’s announcement should be taken as an opportunity for financial professionals to prioritize Social Security when connecting with clients and prospects. There are multiple variables involved with Social Security (when to claim, whether to keep working, etc.). Those without a solid grasp of the program could easily miss out on strategies that will help maximize their benefit amounts.
Do you want to help your clients and prospects get the most out of their Social Security benefits? IAMS has a solution. Safe Money Events is a done-for-you lead generation program that will facilitate your educational seminars. The Social Security Maximization presentation is designed specifically to help you educate your audience on this always-important topic. Safe Money Events covers all the bases – from advertising to registration to the presentation itself – so you can focus on what matters most.
Additional seminar topics include
- Taxes in Retirement
- Retirement Income Planning
- Estate Planning
Click below for details.
