Social Security Wage Limit 2024 Increase. In 2024, retirees receiving social security benefits will be able to earn $59,520 in the year they reach full retirement age before their benefits are reduced by. The social security tax limit increases to $168,600 in 2024, up from $160,200 in 2023, which could result in a higher tax bill for some taxpayers.
Increased payments to approximately 7.5 million ssi recipients will begin on december 29, 2023. Social security is financed by a 12.4 percent payroll tax on wages up to the taxable earnings cap, with half (6.2 percent) paid by workers and the other half paid by.