Cost Of Living 2024 Social Security Increase Calculator. The maximum amount of earnings subject to social security payroll taxes was $168,600 for 2024, up from $160,200 in 2023. A 3 percent adjustment would boost the average social security retirement benefit — $1,839 a month in july 2023 — by about $55 a month in 2024.

More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments in 2024. Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024.