Social Security Wage Limit 2024 Increase. What is the social security tax limit? More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments in 2024.

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 rate for both employees and employers is 6.2% of each employee’s compensation, which actually amounts to a total of 12.4%.