2024 Social Security Tax Limit Increase 2024. The 2024 cola adjustment raises the total average benefit to $1,907 per month for individual retirees and to $3,033 per. The wage base or earnings limit for the 6.2% social security tax rises every year.

Up to 50% of your social security benefits are taxable if: Maximum amount of earnings subject to social security tax, known as the taxable maximum, will increase to $176,100.