The lucky few who started receiving Social Security in 2023 at this year's maximum of $4,555 per month are about to get upstaged. People who retire with the program's maximum benefit in 2024 will be taking home a whopping $4,873 per month.

Of course, the news isn't all bad for those who were at the top of the heap in 2023. Their benefits will increase from $4,555 per month to $4,700 per month, thanks to Social Security's annual cost-of-living adjustment.

Everyone already receiving Social Security benefits will see benefits in 2024 that will be boosted by the program's 3.2% cost-of-living adjustment. Those who begin taking Social Security in 2024 will receive benefits that are based on their age, income record, and Social Security's annual wage-based adjustment process.

Continue reading

Source Fool.com