Social Security Increase 2024 $600. The change takes effect in january 2024, though the tax rate on those wages, 6.2. That adds about $50 monthly to the average retirement benefit consumers.

In 2024, social security will tax wages up to $168,600, up from $160,200 in 2023. The change takes effect in january 2024, though the tax rate on those wages, 6.2.