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While the year is well underway, it’s always a good idea to remind you of changes that may have affected your Social Security benefits this year. These changes started being implemented on Jan.1 and will continue until next year. Maximum Benefits If you’ve noticed a change in your payments, don’t worry; this is the expected cost of living percentage increase. While most people don’t question any extra money, it’s useful to know that this increase has been implemented for the third year to alleviate some of the costs of inflation. It is a smaller percentage than years prior as well. For those who retire at 70, you receive a maximum of $4,873. Those retiring early at 62 will receive a maximum of $2,710. For those retiring at the retirement age of 65, your benefit will be maxed at $3,822. We’re sure you’ve seen changes, so we hope this explains them well. Medicare Premiums If you have Medicare Part B, your premiums have also been raised. Your bill has risen by $9.80 to $174.70 every month. It’s not a huge difference; it barely builds to $117 annually at the minimum without an appeal to the Department of Health and Human Services (HHS) showing a significant change in your income due to any major life event. Major life events can include divorce, the death of a spouse, retirement, and loss of pension. As always, IRMAA (income-related monthly adjustment amounts) will automatically adjust to your income to ensure you’re paying in accordance with what you can afford. These are the two biggest differences enacted this year, and while it’s great to receive some more money, it’s just as important to know why you’re receiving it. We welcome any questions; feel free to call the office today. Revolutionizing Social Security: 2024 Payment Overhaul Unveiled Make Sure You’re Informed
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Helpful Resources • Is your estate plan up to date? Ask us about our FREE Estate Planning Checkup. Call our office or email Julie@mtolaw.com. • Don’t miss Glenn on “Senior Law Radio,” WHMI FM 93.5 every Sunday at 8 a.m. You can also listen live (or to previous shows) on WHMI.com. • Questions about your money? Do you need help with your financial goals, investment management, or retirement planning? Glenn has partnered with his personal financial advisor, Brad Jerome, to bring expert financial services to our clients. Brad meets with you right in our office — no cost, no obligation, and no pressure. Just an opportunity to discuss your goals with a top-notch financial advisor to see where your path might lead. You can reach Brad directly at 517.301.3070. • Let us be your trusted advisor for all your legal matters. We’ve grown with the referrals we receive from our clients. We want to return the favor by helping you find a great attorney outside of estate planning, elder law, and probate. Our clients often call us in need of an attorney who focuses on personal injury, auto accidents, elder and nursing home abuse, workers’ compensation, Social Security disability, and many other areas. To get the best results, you need an experienced attorney to help. If you want a referral, call our office or email Julie@mtolaw.com. We are glad to help!
MichiganEstatePlans.com • 888.487.6150
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