In 2024, Social Security has already seen significant changes that could impact retirees and workers. The cost of living adjustment for next year may be smaller than in 2024 due to slower inflation rates. Additionally, the wage cap for Social Security taxes has increased to $168,600, with a potential rise in the future for higher earners. Qualifying for Social Security benefits has also become more challenging, with the value of work credits rising to $1,730. It's crucial for individuals to stay informed about these changes, whether they are current retirees or new to the workforce. President Biden has proposed taxing earnings over $400,000 for Social Security purposes to strengthen the program for future retirees. These changes highlight the importance of understanding Social Security and its impact on financial planning.