{"id":28147,"date":"2023-10-19T22:43:31","date_gmt":"2023-10-19T22:43:31","guid":{"rendered":"https:\/\/microloannexus.com\/news\/heres-how-much-your-social-security-check-may-be-in-2024-after-the-3-2-cost-of-living-adjustment\/"},"modified":"2023-10-19T22:43:32","modified_gmt":"2023-10-19T22:43:32","slug":"heres-how-much-your-social-security-check-may-be-in-2024-after-the-3-2-cost-of-living-adjustment","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=28147","title":{"rendered":"Here\u2019s how much your Social Security check may be in 2024, after the 3.2% cost-of-living adjustment"},"content":{"rendered":"
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How to calculate your Social Security COLA for 2024<\/h2>\n
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There are two ways you can calculate how much your 2024 monthly Social Security check may be, according to Joe Elsasser, a certified financial planner and founder and president of Covisum, a provider of Social Security claiming software.<\/p>\n

The best way is to take the amount of your current Social Security check and add back your monthly Medicare Part B premium, if it is deducted from your check. <\/strong>In 2023, the standard monthly Part B premium is $164.90. However, higher-income beneficiaries pay more, including single individuals with more than $97,000 in income and married couples with more than $194,000.<\/p>\n

Then, apply the COLA to the entire benefit, including what you are having withheld for taxes. Next, subtract the new Medicare Part B premium for 2024, as well as taxes at the rate you have withheld. Next year, the standard monthly Part B premium will be $174.70. Higher-income individuals with more than $103,000 in income and married couples with more than $206,000 will pay more.<\/p>\n

That should give you the size of your benefit for next year, according to Elsasser.<\/p>\n

Alternatively, you can do a rough calculation by taking the monthly benefit you’re getting today and multiplying by 1.032.<\/p>\n

“It would be a rough calculation, but it’s a reasonable guess,” Elsasser said.<\/p>\n<\/div>\n

How your 2024 benefit compares to others<\/h2>\n
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The maximum benefit for a retired worker who claims at full retirement age will go up to $3,822 per month in 2024, up from $3,627 per month in 2023.<\/p>\n

The average benefit for all retired workers will be $1,907 in 2024, up from $1,848 in 2023, according to the Social Security Administration.<\/p>\n<\/div>\n

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Don’t miss these CNBC PRO stories:<\/em><\/p>\n<\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

How to calculate your Social Security COLA for 2024 There are two ways you can calculate how much your 2024 monthly Social Security check may be, according to Joe Elsasser, a certified financial planner and founder and president of Covisum, a provider of Social Security claiming software. The best way is to take the amount<\/p>\n","protected":false},"author":1,"featured_media":24573,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-28147","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"\nHere\u2019s how much your Social Security check may be in 2024, after the 3.2% cost-of-living adjustment | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"How to calculate your Social Security COLA for 2024There are two ways you can calculate how much your 2024 monthly Social Security check may be, according\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/microloannexus.com\/?p=28147\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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