Social Security Increase 2024 Projections Chart. Social security benefits could increase 3.2% in 2024. The maximum amount of earnings subject to social security payroll taxes was $168,600 for 2024, up from $160,200 in 2023.
This year’s cola amounted to an 8.7% bump for social security benefits, as well as supplemental security income benefits โ the biggest increase since 1981. Social security benefits increase in 2024.