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According to Joe Elsasser, a certified financial planner and founder and president of Covisum, a Social Security application software provider, there are two ways you can calculate how much your monthly Social Security check might be for 2024.
The best way is to take the amount of your current Social Security check and add your monthly Medicare Part B premium if it is deducted from your check. In 2023, the standard monthly premium for Part B is $164.90. However, higher-income beneficiaries pay more, including single people earning more than $97,000 and married couples earning more than $194,000.
Then apply the COLA to the entire benefit, including the taxes you withheld. Next, subtract the new 2024 Medicare Part B premium and taxes at the rate you withheld. Next year, the standard monthly Part B premium will be $174.70. Higher earners earning more than $103,000 and married couples earning more than $206,000 pay more.
According to Elsasser, this should determine the amount of your benefit for the next year.
Alternatively, you can do a rough calculation by multiplying the monthly benefit you receive today by 1.032.
“It would be a rough calculation, but it’s a reasonable estimate,” Elsasser said.
The maximum benefit for a retired employee who is entitled to full retirement age will increase to $3,822 per month in 2024, up from $3,627 per month in 2023.
According to the Social Security Administration, the average pension for all retired workers will be $1,907 in 2024, up from $1,848 in 2023.
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