8 Social Security Updates Advisors Need to Know for 2024

ALM's 2024 Social Security and Medicare Facts publication, released Dec. 8, offers financial planners a comprehensive guide to the benefit claiming process, along with information about how new rules and requirements may affect clients next year. As noted throughout the more than 1,000-page publication, many important numbers have been updated for 2024 to reflect inflation, ranging from the taxable maximum wage to the working income limits that can trigger reduced payments for beneficiaries. At the same time, actions taken by Congress and by the states have also resulted in some key changes for 2024. For example, three more states have joined the list of those that do not tax Social Security benefits for some or all taxpayers. See the accompanying slideshow for a review of 10 updated Social Security numbers for 2024 that advisors should know. Want more tax-focused insights? Find current and accurate answers to your tax questions with Tax Facts.