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The best way to calculate benefits now and if income were to increase is to set up an account with the Social Security Administration, linked here.
- Once you have an account set up, the site will provide information on where you stand with credits earned to date, benefits available if taken early or later, along with a benefit calculator to run various scenarios; Example: IF my income increased to $XXXX, the benefit would be… and so forth. If married filing jointly, we suggest both the Taxpayer and Spouse set an account as Social Security is based on address.
- During tax time, we will need the Social Security Form 1099-SSA for reporting purposes.
Approximately 70 million Americans will see an increase in their 2024 benefits. What does this mean for you?
Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2022 through the third quarter of 2023, Social Security and Supplemental Security Income(SSI) beneficiaries will receive a 3.2 percent COLA for 2024.
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