Social Security, Medicare & Retirement Age

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Question: How much is the Medicare Premium for 2024?  Also, if I enroll in January 2024 when will my coverage begin? (E. Thomas, Coconut Creek)  

Answer: The Medicare Premium coverage for 2024 is $174.70. If you enrolled in January 2024, your coverage will be effective as of February 1, 2024. 


Question: I was born on June 1, 1959. At what age is my full retirement age? (O. Diaz, Kendall)  

Answer: Full retirement age is 66 years and 10 months – O. Diaz can retire with full benefits as of April 1, 2026.  


Question: What are the 2024 Social Security retirement limits for people under the full retirement age? I’d like to retire at 62. (P. Getz, Key Largo)  

Answer: If you are under full retirement age in 2024, the retirement limit is $22,320. For the year the year the individual turns full retirement age, it is $59,520. When you’re ready to apply for retirement benefits, use our online retirement application, the quickest, easiest, and most convenient way to apply. 


Question: What are the Tax Rates for 2024 for Employees and Self Employed? (D. Puerto, South Miami)  

Answer: The Tax Rates will be the same as 2023. For Employees: 7.65% and for Self-Employed: 15.3%. 


Question: What is the maximum for the Supplemental Security Income for an individual and couple for 2024? (S. Delgado, Miramar)  

Answer: The maximum payments for 2023 for Supplemental beneficiaries are: $943 for an individual and $1,415 for a couple. 


Question: Have the Resource Limits for the SSI program increased for 2024? (J. Vargues, Pembroke Pines) 

Answer: No. For individuals the resource limit is still $2,000 and for couples it is still $3,000. 

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