It sometimes seems like the landscape is always changing with Social Security. Let’s start with some good news – the approved 2024 cost of living increase is 3.2%. This is compared to the 8.7% boost that occurred this year (2023). On average, retirees will receive a $50 per month increase in social security retirement benefits.
**Note that under the SECURE Act of 2019, as revised in 2022 (SECURE Act 2.0), the required beginning date of RMDs is raised from age 72 to 73 for a person who attains age 72 after December 31, 2022. There is no change for people who turned age 72 prior to January 1, 2023.
The following are the requirements to qualify for Social Security as they stand today.
Benefits are adjusted yearly to reflect the increase, if any, in the cost of living as measured by the Consumer Price Index. The Social Security Administration adds the cost-of-living increase, if any, beginning with the year you turn 62. You don’t have to be receiving Social Security benefits in order to receive the cost-of-living increase.
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