The 5 Key Pieces of Social Security Information You Could Be Missing
Written by
Vance Cariaga
Edited by
Cory Dudak
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Social Security is a massive program that issues payments to nearly 68 million Americans a month, has a staff of roughly 77,000 federal and state employees, and pays out about $1.5 trillion in benefits each year. Given its size, it’s easy to get lost in the maze and miss out on certain elements of the program.
Here are five key pieces of Social Security information you could be missing in 2024.
The Highest Amount You Can Receive
The maximum Social Security benefit for workers retiring at full retirement age (FRA) increased to $3,822 in 2024 from $3,627 in 2023. This affects only those who claim benefits at FRA, which is currently either 66 or 67, depending on your birth year. Those who claim benefits earlier receive smaller monthly payments.
Change in Earnings Test
Seniors who keep working after filing for Social Security retirement benefits are subject to an earnings test for making a certain amount of money in a given year. Earnings exempt from the test increased to $22,320 in 2024 from $21,240 the year before. For every $2 in earnings above that limit, $1 in benefits will be withheld. These rules no longer apply when you reach full retirement age.
How Social Security Disability Works
To qualify for Social Security Disability Insurance (SSDI) benefits, you need to meet the following criteria, according to the Social Security Administration:
- You must have worked in jobs covered by Social Security.
- You must have a medical condition that meets Social Security’s strict definition of disability.
Typically, SSDI provides monthly benefits to individuals who are unable to work for a year or more due to a disability. There is usually a 5-month waiting period, and your first benefit will be paid on the sixth full month after the date when your disability is determined to have begun.
Increase in Spousal and Disability Benefits
Widowed mothers with two children have seen average benefits increase to $3,653 a month in 2024 from $3,540 in 2023, according to the SSA. For aged widows and widowers living alone, average benefits rose to $1,773 a month from $1,718. For a disabled worker with a spouse and one or more children, the average monthly benefit climbed to $2,720 from $2,636.
New Overpayment Policy
After getting blowback last year for the way it handled overpayments to Social Security beneficiaries, the SSA recently tweaked the rules. Here are three ways the agency aims to simplify overpayments and help Social Security recipients save money:
- Lower repayment: As of March 25, 2024, the SSA started collecting the greater of $10 or 10% of the beneficiary’s total monthly Social Security benefit to recover an overpayment. That’s way down from 100% previously. There will be some exceptions, such as when an overpayment resulted from fraud.
- Longer recovery period: If a beneficiary asks for a rate lower than 10%, the SSA will approve the request as long as the new rate will pay back the overpayment within 60 months — up from 36 months before the changes.
- Simpler appeal process: If a Social Security recipient believes the overpayment was not their fault and they’re unable to repay it, they may appeal the overpayment decision and/or the amount and ask the SSA to waive collection. “The agency does not pursue recoveries while an initial appeal or waiver is pending,” the press released noted. The SSA has also introduced new, more affordable repayment options.
Levi Leidy and Laura Beck contributed to the reporting for this article.
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