This Social Security Rule Isn't Changing Again in 2024 -- Even Though Retirees Would Be Better Off If It Did
Many changes happen to the Social Security benefits program automatically. In most years, for example, there's a cost-of-living adjustment that results in an increase in benefits so buying power doesn't erode as prices increase. There's also an increase most years in the maximum amount of income you pay Social Security tax on and in how much you can earn while working and collecting benefits before forfeiting some of your retirement check.
These changes exist for an important reason: Wages and prices increase over time. If Social Security didn't adjust to these changes, the program would no longer work. The monthly payments people get would be too low to pay current prices, among other issues. That's why they were built into the benefits program.
Even though many of the relevant financial numbers affecting Social Security change automatically, there's one thing that won't be modified with the passage of time. And the fact that this factor doesn't change ends up really hurting seniors.
Source Fool.com
