I have developed the following ‘Cheat Sheet’ for 2024 Social Security Benefits. It is an easy reference for key provisions.
| Full Retirement Age by Birth Year | |||
| Survivor Benefits | All Other Benefits | ||
| 1945 – 1956 | 66 | 1945 – 1954 | 66 |
| 1957 | 66 years and 2 months | 1955 | 66 and 2 months |
| 1958 | 66 years and 4 months | 1956 | 66 and 4 months |
| 1959 | 66 years and 6 months | 1957 | 66 and 6 months |
| 1960 | 66 years and 8 months | 1958 | 66 and 8 months |
| 1961 | 66 years and 10 months | 1959 | 66 and 10 months |
| 1962 and Later | 67 | 1960 and Later | 67 |
| Note: People who were born on January 1 of any year should refer to the previous year |
| Age-Based Reductions & Increases | |||
| Filing Age | Individual Benefit % of Benefit | Spousal Benefit % of Benefit | Survivor Benefit % of Benefit |
| 60 | N/A | N/A | 71.50% |
| 61 | N/A | N/A | 75.58% |
| 62 | 70% | 65% | 79.65% |
| 63 | 75% | 70% | 83.72% |
| 64 | 80% | 75% | 87.79% |
| 65 | 86.66% | 83.33% | 91.86% |
| 66 | 93.33% | 91.66% | 95.93% |
| 67 | 100% | 100% | 100% |
| 68 | 108% | 100% | 100% |
| 69 | 116% | 100% | 100% |
| 70 | 124% | 100% | 100% |
| Note: Assuming FRA of 67 |
| Age | Earnings Limit | Benefit Withheld |
| 62 – January 1 of the year reaching Full Retirement Age | $22,320 | $1 for Every $2 Over Limit |
| Year Reaching Full Retirement Age | $59,520 | $1 for Every $3 Over Limit |
| Full Retirement Age | No Limit | N/A |
| Spousal Benefit Formula |
| (1/2 of higher earner FRA Benefit) -(lower earner FRA Benefit) =Spousal Payment (then adjusted for filing age) |
What Counts as “Earnings” for the Limit?
| What Does Count WagesNet Earnings From Self-Employment | What Does Not Count – Pension Payments – Dividends – Annuity Payments – Interest Income – IRA Distributions – Capital Gains |
2024 Social Security Formula
If you first become eligible for Social Security retirement benefits in 2024 through attaining age 62, becoming disabled, or dying before age 62 your PIA (Full Retirement Ae Benefit) will be the sum of………..
- 90 percent of the first $1,174 of your average indexed monthly earnings, plus
- 32 percent of your average indexed monthly earnings over $1,174 and through $7,078 plus
- 15 percent of your average indexed monthly earnings over $7,078
Monthly Reductions / Increase
Individual Benefits
| (-) 5/9 of 1% | 36 months period before full retirement age |
| (-) 5/12 of 1% | More than 36 months before full retirement age |
| (-) 2/3 of 1% | Full retirement age to age 70 |
| More increase beyond full retirement age |
Spousal Benefits
| (-) 25/36 of 1% | 36 months period before full retirement age |
| (-) 5/12 of 1% | More than 36 months before full retirement age |
| No increase beyond full retirement age |
Survivor Benefits
| 28.5% is maximum reduction regardless of full retirement age. To determine the monthly amount of reduction based on various full retirement ages, divide the number of months between age 60 and full retirement age by 28.5 |
2024 SOCIAL SECURITY CHEAT SHEET
| Tax on Social Security | |||
| Step 1 | Calculate Combined Income | Step 2 | Apply Combined Income to Threshold |
| Adjusted gross income | Single Return | Joint Return | % of Social Security subject to Tax |
| + Tax Exempt Income | $0 -$31,999 $32,000-$44,000 Over $44,000 | $0 Up to 50% Up to 85% | |
| + Exclude Foreign Income | $0 -$24,999 $25,000-$34,000 Over $34,000 | ||
| + 50% of SS Benefit | |||
| = Combined Income |
| Maximum % of Your retirement age benefit an eligible family member can receive if you: | |||
| DIE | RETIRE (OR) BECOME DISABLED | AGE-BASED CONSIDERATIONS | |
| Spousal Benefit | 100% (Adjusted for survivor’s filing age) | 50% (Adjusted for survivor’s filing age) | If you retire or become disabled, your spouse can collect at age 62+ or any age if caring for your child who is under 16 or disabled before the age of 22 If you die, your spouse of any age who is caring for your child who is under 16 or child of any age if child was disabled before 22 |
| Child Care Benefit | 75% | 50% | Payable to spouse of any age who is caring for your child who is under 16 or child of any age if child was disabled before 22 |
Benefit to Children | 75% | 50% | Payable to child who is under 18 or 19 if still in high school of any age if disabled before 22 |
| Length of Marriage Rules | 9 Months-Survivor Benefits | 1 Year – Spousal Benefits | 10 Years – Divorced Spouse |
| Social Security Disability Thresholds | Average Social Security Benefit | 2024 Family Maximum Benefit Formula a. 150% of the first 1,500 of the worker’s PIA, plus b. 272% of the worker’s PIA over %1,500 through $2,166, plus c. 134% of the worker’s PIA over $2,166 through $2,825, plus d. 175 percent of the worker’s PIA over $2,825 | ||
| SUBSTANTIAL GAINFUL ACTIVITY | $1,907 | All Retires | ||
| Non-Blind | $1,550 p/mo | %3,033 | Couple, both receiving benefits | For a family of a worker who attains age 62 or dies in 2024 |
| Blind | $2,590 p/mo | |||
| Trial Work Period | $1,110 p/mo | $1,537 | Disability |
| Quarter of Coverage (1 Credit) $1,730 | Maximum Taxable Wages $168,600 | Social Security Administration 1-800-772-1213 |
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