Planning for your Social Security benefits can be a complex and confusing task. With numerous rules and deadlines to consider, it’s easy to feel overwhelmed. That’s where our comprehensive Social Security Calendar 2024 comes in.
This handy guide will walk you through all the important dates and benefit information you need to know for the upcoming year. Stay informed and organized with our user-friendly resource, ensuring you can make informed decisions about your Social Security benefits.
In the following sections, we’ll delve into specific dates and details related to claiming benefits, earnings limits, and other key aspects of Social Security in 2024.
Social Security Calendar 2024
Stay informed and organized with key dates and benefit information.
- Key Dates
- Benefit Information
- Claiming Strategies
- Earnings Limits
- Cost-of-Living Adjustments
- Survivor Benefits
Make informed decisions about your Social Security benefits.
Key Dates
The Social Security Calendar 2024 includes several important dates that you should be aware of. These dates are related to claiming benefits, deadlines, and other important events. Here are some of the key dates to keep in mind:
January 1, 2024: The annual cost-of-living adjustment (COLA) for Social Security benefits takes effect. This adjustment is based on the increase in the Consumer Price Index (CPI) and is intended to help beneficiaries keep up with the rising cost of living.
April 2024: The deadline to file your 2023 Social Security taxes. If you are self-employed, you must pay both the employee and employer share of Social Security taxes. The deadline to file your taxes is April 15th, but if you file for an extension, you have until October 15th to file.
May 2024: The deadline to apply for a Social Security benefit if you are turning 62 in 2024. If you are eligible for Social Security benefits, you can apply online, by phone, or in person at your local Social Security office. The sooner you apply, the sooner you will start receiving benefits.
September 2024: The deadline to appeal a Social Security decision. If you are unhappy with a decision made by the Social Security Administration, you can appeal the decision. The deadline to appeal is 60 days from the date you received the decision.
These are just a few of the key dates to keep in mind for the Social Security Calendar 2024. For more information, please visit the Social Security Administration’s website or contact your local Social Security office.
Benefit Information
The Social Security Administration provides a variety of benefits to eligible individuals. These benefits are designed to provide financial assistance to individuals who are retired, disabled, or have young children.
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Retirement Benefits
Individuals who have worked and paid Social Security taxes for a certain number of years are eligible for retirement benefits. The amount of your retirement benefit is based on your earnings history and the age at which you start receiving benefits.
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Disability Benefits
Individuals who are unable to work due to a disability may be eligible for disability benefits. To qualify for disability benefits, you must have a disability that is expected to last for at least 12 months or result in death. You must also have worked and paid Social Security taxes for a certain number of years.
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Survivors Benefits
Survivors of deceased workers may be eligible for survivors benefits. These benefits include survivor’s insurance, which is paid to a deceased worker’s spouse, children, and/or parents; and death benefits, which are paid to a deceased worker’s spouse or children.
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Supplemental Security Income (SSI)
SSI is a federal program that provides monthly payments to low-income individuals who are aged, blind, or disabled. To qualify for SSI, you must meet certain income and asset limits.
These are just a few of the benefits that are available through the Social Security Administration. For more information, please visit the Social Security Administration’s website or contact your local Social Security office.
Claiming Strategies
When you claim your Social Security benefits can have a significant impact on the amount of money you receive each month. There are a few different claiming strategies to consider, and the best strategy for you will depend on your individual circumstances.
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Full Retirement Age
You can claim your full retirement benefits at your full retirement age (FRA). Your FRA is based on your year of birth. For most people who were born after 1960, their FRA is 67. If you claim your benefits before your FRA, your benefit amount will be reduced. If you claim your benefits after your FRA, your benefit amount will be increased.
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Early Retirement Age
You can claim your Social Security benefits as early as age 62. However, if you claim your benefits before your FRA, your benefit amount will be permanently reduced. The reduction in your benefit amount will depend on how many months before your FRA you claim your benefits.
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Delayed Retirement Credits
If you delay claiming your Social Security benefits past your FRA, you will earn delayed retirement credits. These credits will increase your benefit amount by a certain percentage each month that you delay claiming your benefits. You can earn delayed retirement credits until you reach age 70.
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Windfall Elimination Provision (WEP) and Government Pension Offset (GPO)
If you are eligible for a pension from a government job or if you are married to someone who is eligible for a government pension, you may be subject to the WEP or GPO. These provisions can reduce your Social Security benefits.
It is important to carefully consider your claiming strategy before you file for Social Security benefits. You should consider your current and future financial needs, as well as your health and life expectancy. You may want to consult with a financial advisor or Social Security representative to help you make the best decision for your situation.
Earnings Limits
If you are receiving Social Security retirement or disability benefits, there are limits on how much you can earn from work without having your benefits reduced. These limits are known as earnings limits.
Retirement Benefits
For individuals receiving Social Security retirement benefits, the earnings limit for 2024 is $19,560 per year. If you earn more than this amount, your benefits will be reduced by $1 for every $2 you earn over the limit.
Once you reach your full retirement age (FRA), the earnings limit increases to $56,520 per year. If you earn more than this amount, your benefits will be reduced by $1 for every $3 you earn over the limit.
Disability Benefits
For individuals receiving Social Security disability benefits, the earnings limit for 2024 is $1,470 per month. If you earn more than this amount, your benefits will be reduced by $1 for every $2 you earn over the limit.
Once you reach your full retirement age (FRA), the earnings limit increases to $2,190 per month. If you earn more than this amount, your benefits will be reduced by $1 for every $3 you earn over the limit.
It is important to note that the earnings limits are different for individuals who are blind. For more information on earnings limits, please visit the Social Security Administration’s website or contact your local Social Security office.
Cost-of-Living Adjustments
The Social Security Administration makes cost-of-living adjustments (COLAs) to Social Security benefits each year to help keep up with the rising cost of living. The COLA is based on the increase in the Consumer Price Index (CPI) for Urban Wage Earners and Clerical Workers (CPI-W). If the CPI-W increases, Social Security benefits will increase by the same percentage.
The COLA for 2024 is 5.9%. This means that Social Security benefits will increase by 5.9% in January 2024.
The COLA affects all Social Security benefits, including retirement, disability, and survivors benefits. It also affects Supplemental Security Income (SSI) benefits.
The COLA is an important part of Social Security because it helps to ensure that beneficiaries can maintain their standard of living as the cost of living increases.
The COLA is calculated by comparing the average CPI-W for the third quarter of the current year to the average CPI-W for the third quarter of the previous year. If the CPI-W has increased, the COLA will be equal to the percentage increase in the CPI-W. If the CPI-W has decreased, there will be no COLA.
Survivor Benefits
Survivor benefits are Social Security benefits that are paid to the survivors of a deceased worker. These benefits can provide financial assistance to spouses, children, and other dependents.
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Survivor’s Insurance Benefits
Survivor’s insurance benefits are paid to the spouse and children of a deceased worker. The amount of the benefit is based on the deceased worker’s earnings history and the age of the survivor.
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Death Benefits
Death benefits are paid to the spouse or children of a deceased worker who was not eligible for retirement or disability benefits at the time of death. The amount of the benefit is equal to a lump sum payment of $255.
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Parent’s Benefits
Parent’s benefits are paid to the parents of a deceased worker who was not survived by a spouse or child. The amount of the benefit is based on the deceased worker’s earnings history and the age of the parent.
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Disabled Adult Child’s Benefits
Disabled adult child’s benefits are paid to the adult children of a deceased worker who are disabled. The amount of the benefit is based on the deceased worker’s earnings history and the age of the child.
Survivor benefits can provide valuable financial assistance to the survivors of a deceased worker. If you are the survivor of a deceased worker, you should contact the Social Security Administration to learn more about your eligibility for survivor benefits.
FAQ
The Social Security Calendar 2024 provides important information about key dates, benefit information, claiming strategies, earnings limits, cost-of-living adjustments, and survivor benefits. Here are some frequently asked questions about the Social Security Calendar 2024:
Question 1: When is the deadline to file my Social Security taxes for 2023?
Answer 1: The deadline to file your Social Security taxes for 2023 is April 15, 2024. If you file for an extension, you have until October 15, 2024 to file.
Question 2: When can I start receiving Social Security retirement benefits?
Answer 2: You can start receiving Social Security retirement benefits as early as age 62, but your benefit amount will be reduced if you claim benefits before your full retirement age (FRA). Your FRA is based on your year of birth.
Question 3: What is the earnings limit for Social Security retirement benefits in 2024?
Answer 3: The earnings limit for Social Security retirement benefits in 2024 is $19,560 per year for individuals under their FRA and $56,520 per year for individuals at or above their FRA.
Question 4: What is the cost-of-living adjustment (COLA) for Social Security benefits in 2024?
Answer 4: The COLA for Social Security benefits in 2024 is 5.9%. This means that Social Security benefits will increase by 5.9% in January 2024.
Question 5: Who is eligible for survivor benefits?
Answer 5: Survivor benefits are paid to the survivors of a deceased worker. These benefits can include survivor’s insurance benefits, death benefits, parent’s benefits, and disabled adult child’s benefits.
Question 6: How do I apply for Social Security benefits?
Answer 6: You can apply for Social Security benefits online, by phone, or in person at your local Social Security office. The application process is relatively simple and straightforward.
These are just a few of the frequently asked questions about the Social Security Calendar 2024. For more information, please visit the Social Security Administration’s website or contact your local Social Security office.
Now that you know more about the Social Security Calendar 2024, you can use this information to plan ahead and make informed decisions about your Social Security benefits.
Tips
Here are a few tips to help you make the most of the Social Security Calendar 2024:
Tip 1: Plan Ahead
Take some time to review the Social Security Calendar 2024 and identify the key dates and deadlines that apply to you. This will help you stay organized and avoid any potential problems.
Tip 2: File Your Taxes on Time
If you are self-employed, remember to file your Social Security taxes on time. The deadline to file your taxes for 2023 is April 15, 2024. If you file for an extension, you have until October 15, 2024 to file.
Tip 3: Consider Your Claiming Strategy
When you claim your Social Security benefits can have a big impact on the amount of money you receive each month. Consider your current and future financial needs, as well as your health and life expectancy, before you decide when to claim your benefits.
Tip 4: Be Aware of the Earnings Limits
If you are receiving Social Security retirement or disability benefits, there are limits on how much you can earn from work without having your benefits reduced. Be aware of the earnings limits and plan your work accordingly.
By following these tips, you can make the most of the Social Security Calendar 2024 and ensure that you receive the benefits that you are entitled to.
With a little planning and preparation, you can navigate the Social Security system and claim your benefits with confidence.
Conclusion
The Social Security Calendar 2024 is an essential resource for anyone who is planning to claim Social Security benefits. This guide provides important information about key dates, benefit information, claiming strategies, earnings limits, cost-of-living adjustments, and survivor benefits.
By understanding the information in the Social Security Calendar 2024, you can make informed decisions about your Social Security benefits and ensure that you receive the benefits that you are entitled to.
Remember to plan ahead, file your taxes on time, consider your claiming strategy carefully, and be aware of the earnings limits. By following these tips, you can make the most of the Social Security Calendar 2024 and navigate the Social Security system with confidence.
The Social Security Administration is here to help you understand your benefits and file your claim. Visit the Social Security Administration’s website or contact your local Social Security office for more information.