Increase to Your Social Security Checks!
Audio version available here:
Length: approx. 1 min. 15 sec.
We have good news for those who rely on Social Security benefits to get by. Your check will increase by 3.2% starting in January of 2024. Currently, Social Security benefits are $1,705.79 per check, but beginning in 2024, you will receive a check of $1760.37.
While this increase can appear insubstantial when compared to the 2022 increase of 8.7%, it is important to keep in mind that these cost-of-living adjustments are made based on current inflation, which has slowly but surely been settling. This means that as the cost of goods and services fluctuate, so will your checks at a similar rate. Much like how the Federal Reserve determines interest rates with the Bureau of Labor Statistics’ consumer price index, Social Security checks will adjust accordingly.
With these benefit fluctuations in mind, it is vital to consider other means of retirement savings. If you are unsure of where to start, consult with us at XQ CPA. Our clients’ best interests are at the center of our mission, and that includes making sure your retirement plan is part of your tax planning journey. Don’t hesitate, we are here to help!
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Did you know? XQ CPA and OneSelfClub are giving away $10,000 to a select business through our video contest! Find out how to enter at www.oneselfclub.com