Social Security 600 Dollar Increase 2024

Social Security 600 Dollar Increase 2024. In 2024, the annual increase to social security benefits (cola) will be 3.2%. The maximum amount of earnings subject to social security payroll taxes was $168,600 for 2024, up from $160,200 in 2023.

Federal government has announced a $600 increase in social security benefits for eligible citizens in 2024. It’s a smaller bump than the 8.7% cola increase beneficiaries received for this year, reflecting the gradual decrease.