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How to calculate your Social Security COLA for 2024
There are two methods you may calculate how much your 2024 month-to-month Social Security check may be, in line with Joe Elsasser, an authorized monetary planner and founder and president of Covisum, a supplier of Social Security claiming software program.
The finest manner is to take the quantity of your present Social Security check and add again your month-to-month Medicare Part B premium, whether it is deducted from your check. In 2023, the customary month-to-month Part B premium is $164.90. However, higher-income beneficiaries pay extra, together with single people with greater than $97,000 in earnings and married {couples} with greater than $194,000.
Then, apply the COLA to the complete profit, together with what you might be having withheld for taxes. Next, subtract the new Medicare Part B premium for 2024, in addition to taxes at the charge you will have withheld. Next 12 months, the customary month-to-month Part B premium will be $174.70. Higher-income people with greater than $103,000 in earnings and married {couples} with greater than $206,000 can pay extra.
That ought to provide you with the measurement of your profit for subsequent 12 months, in line with Elsasser.
Alternatively, you are able to do a tough calculation by taking the month-to-month profit you are getting in the present day and multiplying by 1.032.
“It would be a rough calculation, but it’s a reasonable guess,” Elsasser stated.
How your 2024 profit compares to others
The most profit for a retired employee who claims at full retirement age will go as much as $3,822 monthly in 2024, up from $3,627 monthly in 2023.
The common profit for all retired staff will be $1,907 in 2024, up from $1,848 in 2023, in line with the Social Security Administration.
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