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Eggert Financial Management, Inc.

Cultivating Wealth, Shaping Legacies
Bill Eggert, CFP®
President
7200 S. Alton Way
Suite A-210
Centennial, CO 80112
303-414-0400
303-414-0402
info@eggertfinancial.net
www.eggertfinancial.net

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January 25, 2024

2024 Key Numbers
 

Government Benefits

Social Security

Social Security Cost-of-living adjustment (COLA)20232024
For Social Security and Supplemental Security Income (SSI) beneficiaries8.70%3.20%
Tax rate--employee20232024
FICA tax -- Employee 7.65%7.65%
Social Security (OASDI) portion of tax 6.20%6.20%
Medicare (HI) portion of tax1.45%11.45%1
Tax rate--self-employed20232024
Self-Employed15.30%15.30%
Social Security (OASDI) portion of tax 12.40%12.40%
Medicare (HI) portion of tax2.90%12.90%1

1 An additional 0.9% Medicare/hospital insurance tax (for a total employee contribution of 2.35%) is assessed on wages exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000 for married individuals filing separate returns). An additional 0.9% Medicare/hospital insurance tax (for a total Medicare portion of 3.8%) is assessed on self-employment income exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000 for married individuals filing separate returns).

Maximum taxable earnings20232024
Social Security (OASDI only)$160,200 $168,600
Medicare (HI only) No limit No Limit
Quarter of coverage20232024
Earnings required$1,640 $1,730
Retirement earnings test--exempt amounts--Under full retirement age--Benefits reduced by $1 for each $2 earned above:20232024
Yearly figure$21,240 $22,320
Monthly figure$1,770 $1,860
Retirement earnings test--exempt amounts--Year individual reaches full retirement age--Benefits reduced by $1 for each $3 earned above (applies only to earnings for months prior to attaining full retirement age):20232024
Yearly figure$56,520 $59,520
Monthly figure$4,710 $4,960
Retirement earnings test--exempt amounts--Beginning the month individual attains full retirement age20232024
No limit on earningsNo limit on earnings
Social Security disability thresholds20232024
Substantial gainful activity (SGA) for the sighted (monthly figure)$1,470 $1,550
Substantial gainful activity for the blind (monthly figure)$2,460 $2,590
Trial work period (TWP) (monthly figure)$1,050 $1,110
SSI federal payment standard20232024
Individual (monthly figure)$914 $943
Couple (monthly figure)$1,371 $1,415
SSI resource limits20232024
Individual$2,000 $2,000
Couple$3,000$3,000
SSI student exclusion limits20232024
Monthly limit$2,220 $2,290
Annual limit$8,950 $9,230
Maximum Social Security benefit20232024
Worker retiring at full retirement age (monthly figure)$3,627 $3,822
Formula for Monthly Primary Insurance Amount (PIA)20232024
(90% of first X of AIME + 32% of the AIME over X and through Y + 15% of AIME over Y)X=$1,115 Y=$6,721X=$1,174 Y=$7,078

Medicare

Medicare monthly premium amounts--Part A (hospital insurance) premium20232024
Individuals with 40 or more quarters of Medicare-covered employment$0 $0
Individuals with less than 40 quarters of Medicare-covered employment who are not otherwise eligible for premium-free hospital insuranceUp to $506Up to $505
Medicare monthly premium amounts--Part B (medical insurance) monthly premium--for beneficiaries who file an individual income tax return with income that is:
2023202420232024
Less than or equal to $97,000Less than or equal to $103,000$164.902$174.702
$97,001 - $123,000$103,001 - $129,000$230.80$244.60
$123,001 - $153,000$129,001 - $161,000$329.70$349.40
$153,001 - $183,000$161,001 - $193,000$428.60$454.20
$183,001 - $499,999$193,001 - $499,999$527.50$559.00
$500,000 and above$500,000 and above$560.50$594.00
Medicare monthly premium amounts--Part B (medical insurance) monthly premium--for beneficiaries who file a joint income tax return with income that is:
2023202420232024
Less than or equal to $194,000Less than or equal to $206,000$164.902$174.702
$$194,001 - $246,000$206,001 - $258,000$230.80$244.60
$246,001 - $306,000$258,001 - $322,000$329.70$349.40
$$306,001 - $366,000$322,001 - $386,000$428.60 $454.20
$366,001 - $749,999$386,001 - $749,999$527.50$559.00
$750,000 and above$750,000 and above$560.50 $594.00
Medicare monthly premium amounts--Part B (medical insurance) monthly premium--for beneficiaries who are married, but file a separate tax return from their spouse and lived with spouse at some time during the taxable year with income that is:
2023202420232024
Less than or equal to $97,000Less than or equal to $103,000$164.902$174.702
$97,001 - $402,999$103,001 - $396,999$544.30 $559.00
$403,000 and above$397,000 and above$527.50$594.00

2 This is the standard Part B premium amount. However, some people who get Social Security benefits will pay more or less than this amount.

Original Medicare plan deductible and coinsurance amounts--Part A (hospital insurance)20232024
Deductible per benefit period$1,600 $1,632
Coinsurance per day for 61st to 90th day of each benefit period$400$408
Coinsurance per day for 91st to 150th day for each lifetime reserve day (total of 60 lifetime reserve days--nonrenewable)$800$816
Original Medicare plan deductible and coinsurance amounts20232024
Skilled nursing facility coinsurance per day for 21st to 100th day of each benefit period$200 $204
Original Medicare plan deductible and coinsurance amounts--Part B (medical insurance) annual deductible20232024
Individual pays 20 percent of the Medicare-approved amount for services after deductible is met$226$240

Medicaid

Income threshold20232024
Monthly income threshold for income-cap states ("300 percent cap limit")$2,742$2,829
Monthly maintenance needs allowance for at-home spouse20232024
Minimum 3$2,288.75$2,465.00
Maximum$3,715.50$3.853.50
Community spousal resource allowance20232024
Minimum$29,724$30,828
Maximum$148,620$154,140

3 Amounts listed actually effective as of July of prior year; different amounts apply to Alaska and Hawaii.

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Eggert Financial Management, Inc. is an Investment Advisory firm regulated by the State of Colorado.

 

Prepared by Broadridge Advisor Solutions Copyright 2024.