As NORA readers know, 2024 will bring some big Social Security changes.
Another one that’s worth revisiting is the change to taxable income. Higher earners will be forced to pay taxes on an additional $8,400 of income. This includes people who are not currently retired.
This means that young adults, many of whom wonder if they’ll even get Social Security, will be paying more money. What’s worse, this income level is firmly in the middle class in many high-cost areas. And with the income cap at $168,600, the ultra-wealthy will still not be footing a proportionate amount of the cost of Social Security.
Is this fair? Some say it was done to sustain Social Security further. But it seems like more of the bill is being put on the middle class, and some wonder if they’ll ever see that money back.
