Max Earnings For Social Security 2024 Pdf. Why millionaires may have already hit their social security payroll tax limit for 2024. The latest such increase, 3.2 percent, becomes effective january 2024.

Cbo projects that if social security paid benefits as scheduled, spending on the program would increase from 5.1 percent of gross domestic product (gdp) in 2024 to 6.7 percent in 2098. The maximum monthly payout for beneficiaries who are 62 years of age or older in 2024 is $2,710.