Social Security 2024 Increase Rate. More than 71 million americans receiving social security benefits will see their checks rise by 3.2 percent next year to help them keep pace with inflation, the social security. The maximum taxable earnings limit is $168,600 in 2024, but that figure will rise to $176,100 in 2025 to account for increases in the average wage.

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 social security administration announced that it’s raising benefits to recipients by 3.2 percent in 2024.