Social Security Benefits to See Notable Changes in 2024

Beneficiaries will receive a 3.2% cost-of-living adjustment (COLA), higher than the historical average of 2.6%.

The maximum taxable earnings cap will increase to $168,600, affecting high earners who will owe more payroll tax.

The maximum monthly payout at full retirement age will rise to $3,822 for the top 2% of beneficiaries.

Early filers can earn more before having benefits withheld due to the retirement earnings test.

More recipients than ever will owe federal income tax on their benefits due to unadjusted income thresholds.